PORTSMOUTH – Vanguard Sailboats Inc. this afternoon announced its acquisition by Gavel Securities Inc., the parent of Performance Sailcraft Europe Ltd. (PSE) and Laser Sailboats Ltd. (LSB), effective immediately. Financial terms were not disclosed.
Former Vanguard president Chip Johns is to stay on as a consultant during the transition period. He and PSE President David Graham – now Vanguard’s president – had been speaking for some time “about the great value of merging the two companies,” Vanguard said
The transaction “will create opportunities for employees, the industry and most importantly, the sport of dinghy sailing,” Graham said in a statement. “Vanguard / PSE have many successful classes other than the Laser class … Sunfish and Laser SB3,” he added. “This transaction will allow further development / distribution of all classes.”
“Combining the two well-respected builders from the two continents will be incredibly positive for the growth of dinghy sailing,” said Johns. “The combined companies will be able to focus more resources on promoting and growing the sport.”
Laser Class President Heini Wellmann and Executive Secretary Jeff Martin issued a statement praising the deal. “We welcome the transaction because it will strengthen and simplify the one design aspects of the Laser class,” they said. “It will also help to further develop the class throughout the world and in particular has the potential to further the growth and distribution of the Laser class in developing countries.”
Additional information is available at www.teamvanguard.com and www.lasersailing.com.
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