Marine marketplace Off The Hook YS has entered into a definitive agreement to acquire marine service provider Bellhart Marine Group, along with its affiliated entities Bellhart Marine Services, Specialized Mechanical Services, and Specialized Mechanical Services.
The acquisition represents a major expansion of Off The Hook’s service capabilities, aimed at positioning the company to build what it believes will become the premier marine mega service and refit centre platform in the Carolinas.
The combined platform is designed to function as a high-efficiency reconditioning and service engine, enabling the Off The Hook to take in, service, refit and remarket vessels at scale.
By bringing service operations in-house, Off The Hook expects to accelerate inventory reconditioning timelines, improve gross margins through lower service costs and increase control over quality and execution.
This is an infrastructure-driven acquisition.
Jason Ruegg
The company also says the acquisition will enhance speed-to-market for resale inventory.
“This is an infrastructure-driven acquisition,” explained Jason Ruegg, founder of Off The Hook Yachts.
“We are building what we believe will be one of the most efficient marine service and refit platforms on the East Coast-allowing us to recondition boats faster, more cost-effectively, and at a higher level of consistency than the traditional model.”
As part of the transaction, Off The Hook will operate a multi-location service platform across three facilities.
The first, Cape Fear River Shipyard will be a heavy service and yacht refit hub. The full-service shipyard is capable of hauling vessels up to approximately 70 tons, supporting major refits, structural work and large-yacht service projects.
This acquisition aligns directly with our long-term strategy of building a scalable, infrastructure-backed platform.
Brian John
Market Street Facility is an outboard service and repower centre that will be used as a high-volume service and diagnostics centre focused on outboard engines, repowers, and ongoing maintenance, while also serving as a primary sales and customer interface location.
And Sloop Point Marina will be a dry stack service and sales hub. The site has been granted approval to expand to approximately 450 dry stack racks and will serve as a high-density service and sales hub.
Bellhart will lead service operations and new boat sales, supporting a large and growing captive customer base.
“Service is one of the most important-and historically fragmented-components of the marine industry,” added Ruegg.
Infrastructure-backed platform
“By bringing this capability in-house with proven operators like Bellhart and Specialized Diesel, we are creating a platform that is faster, more efficient and more scalable.”
Brian John, chief executive officer of Off The Hook Yachts, added: “This acquisition aligns directly with our long-term strategy of building a scalable, infrastructure-backed platform.
“By significantly expanding our service capabilities, we are positioning the company to drive increased transaction volume, improve operating efficiency and enhance long-term profitability.”
Founded in 2012, Off The Hook YS includes Autograph Yacht Group, Azure Funding, and proprietary lead-generation platforms.
The company is headquartered in Wilmington, North Carolina.
