Sailing Specialties Inc. owner and CEO Greig Parks plans to retire and has engaged merger and acquisition specialist Equity Partners HG to locate a buyer for his company.
Parks established the thermoformer in St. Mary's county in Maryland in 1974. It started with four employees in a 5,000-square-foot building and manufactured small sailboats.
SSi now has 50 employees in a 75,000-square-foot facility in Hollywood, Md. The company has a large product line for boat builders but has also diversified by developing proprietary products. It also offers a line of piling covers used on boat piers.
“The owner is retiring so we are looking for someone to keep it going. It is still in operation and its revenues are increasing every year, but at this point, the owner is where he wants to retire,” said Hank Waida, a managing director at Equity Partners HG.
He said the search process usually takes 60 to 90 days and it is a matter of finding the right buyer to continue the company's legacy.
Equity Partners HG, formerly known as Heritage Equity Partners, is based in Easton, Md., and provides investment banking services. It has completed over 400 engagements since 1988.