EAST BOOTHBAY, Maine — Hodgdon Yachts announced Tuesday that it would merge with Boothbay Region Boatyard in Southport and Wotton’s Wharf in Boothbay Harbor.
The three companies have signed a letter of intent to merge, and expect to finalize the deal in the spring, according to a release.
“Combining Boothbay Region Boatyard’s outstanding facilities in Southport and Wotton’s Wharf in Boothbay Harbor with our facilities in East Boothbay, Richmond and Damariscotta will create one of Maine’s largest, full-service marine companies,” Hodgdon Yachts President Timothy Hodgdon said in the release.
Hodgdon spokesman Edward Roberts said the merger will help the company diversify into the service business and weather “the ups and downs of the industry.”
“If you look at the history of Hodgdon Yachts, it’s a 200-year-old company and like most companies in the olden days, you built a boat and laid everybody off, and waited for the next boat,” he said. “Hodgdon has grown and diversified, and now has a bona fide interiors, tenders and military division, in part to weather the ups and downs of the industry.”
After the merger, and the addition of approximately 30 employees at the boatyard, Hodgdon will employ approximately 150 people in the Boothbay region.
Boothbay Region Boatyard will continue to maintain and repair boats. Sandy Spaulding, Hodgdon Yachts senior business adviser, will serve as interim general manager of Boothbay Region Boatyard while Hodgdon launches a national search to fill the position.
Once the merger is final, Hodgdon will operate facilities in Boothbay, Boothbay Harbor, Southport, Richmond and Damariscotta.