Miller Johnson Represents Continuum Ventures in Majority Investment in Walstrom Marine
The Transaction
Continuum Ventures, LLC (Continuum), the family investment company of Doug and Maria DeVos, acquired a majority stake in Walstrom Marine, Inc. (Walstrom Marine). Continuum invested in Walstrom Marine in partnership with Colony Marine Sales and Services, Inc., a large family-owned boat dealer and service company who acquired a minority ownership position in the 75-year-old Walstrom Marine. The Walstrom family plans to remain actively involved in Walstrom Marine as a minority owner. Tom Ervin remains as president of Walstrom Marine and the business will continue operating under the Walstrom brand name.
“Boating, Northern Michigan, and the Great Lakes are near and dear to our family and our hearts,” Doug DeVos said in announcement on the deal. “We are honored to now be part of the Walstrom family and look forward to working with Colony Marine and the Walstrom team to be good stewards of this amazing business and company.”
By investing in Walstrom Marine with Colony Marine, “we’re partnering with two really strong family businesses that share values with us,” Continuum Ventures CEO Mike Cazer said. “We’re really excited about this space. The marine space is in our sweet spot.”
Miller Johnson acted as legal advisor to Continuum in the transaction. Miller Johnson’s team included Dustin Daniels (M&A), Stephen Reaume (M&A), Loic Dimithe (Finance), Jim Ens (Real Estate), Neil Williams (Tax), Grant Schertzing (Real Estate), Ben Schallip (Finance) and Hunter Reams (M&A; Tax).
Continuum Ventures, LLC
(continuum.com) Continuum was founded by and operates as an investment company for Doug and Marie DeVos and their family. Continuum passionately believes that when given an opportunity, empowered people can and will succeed. Continuum fulfills this purpose through philanthropic and civic engagement, and investing in businesses across a variety of industries that seek to make a difference.
Walstrom Marine, Inc.
(walstrom.com) Walstrom Marine is a second-generation, family-owned company offering the highest quality full service boating experience in Northern Michigan and throughout the Great Lakes. Started in 1946 and specializing in selling and servicing the highest quality, freshwater boats in the industry, Walstrom proudly represents the finest boat brands, including, Tiara Yachts, Pursuit Boats, Chris Craft, Sea Ray & Lund, Crest, and NauticStar. Walstrom Marine employs more than 70 people and has locations in Harbor Springs, Traverse City, Bay Harbor, Charlevoix and Cheboygan.
Miller Johnson’s Mergers and Acquisitions Group
Miller Johnson’s M&A practice group collaborates with clients and their advisors to structure, negotiate and close deals and to navigate the challenges that can arise in mergers, acquisitions, dispositions and other business combination or investment transactions.
Miller Johnson is top listed for mergers and acquisitions with U.S. News & World Report’s Best Law Firms and is ranked by Chambers USA. At The M&A Advisor’s national awards and the ACG M&A Deals and Dealmakers regional awards, our attorneys are consistently involved in deals honored as winners and finalists. For further information, please contact Dustin Daniels at (616) 831-1737.