Saothair Capital Partners, a private equity firm focused on investing in middle-market manufacturing and industrial companies, has purchased the business and assets of MJM Yachts through Seolta Holdings LLC, a newly formed affiliate.
Founded in 2002 by Robert Johnstone and based in Washington, N.C., MJM is a designer and builder of Carolina Downeast-style luxury yachts. MJM uses composites and processes to build boats. Peter Johnstone, who has led MJM since 2019, will serve as president and chief executive officer of Seolta.
“MJM has a rich history and an extraordinary reputation for quality, performance, and design, and we are thrilled to be able to provide the necessary investment to further grow MJM as a leading producer of luxury yachts,” states Kevin Madden, co-founder and managing partner of Saothair.
Legal counsel to Saothair and Seolta was provided by Jenner & Block. MJM Yachts utilized Nelson Mullins for legal counsel and SierraConstellation Partners as advisors.