The Kadey-Krogen Group yesterday announced its acquisition of American Tug. LaConner, Wash.-based American Tug has built 250 vessels to date and offers five models in the 36- to 48-foot range. Kadey-Krogen Yachts is the parent of Summit MotorYachts.
“It’s really an exciting opportunity for us to acquire such a successful boatbuilder, led by a team that we’ll be collaborating with on day one,” Tucker West, Kadey-Krogen Group president, said in a statement. “They have a healthy backorder of boats, a great reputation in this market and, most importantly, a customer base that really loves their American Tugs.”
“We immediately identified how our companies will complement each other and, most importantly, how the customers will benefit,” West added. “This includes expanded distribution for American Tug through Kadey-Krogen’s sales offices in Portsmouth, R.I.; Annapolis, Md.; Seattle; and Stuart, Fla. We are also working with American Tugs leadership to expand service and refit offerings for Krogen and Summit customers at their LaConner facility and leverage their West Coast sales.”
The company said the acquisition “will not affect the production of either the American Tug, Krogen or Summit brands,” but hinted at a future where the companies will be working together on the production side.
