SPARKMAN & STEPHENS (S&S), the naval architecture and brokerage firm founded by Olin Stephens and Drake Sparkman in 1929, was acquired by a group of private investors led by Brooke S. Parish and John B. Reuter on Sept 12.
The transaction enables S&S to implement expansion strategies in its design and brokerage businesses, for which it sought growth capital. The firm remains privately held and terms of the deal were not disclosed.
“We feel a tremendous sense of pride and responsibility to assume stewardship of a brand and a company whose legacy in American yachting cannot be understated,” says Parish, who will serve as S&S’s Chairman. “We intend to put significant effort and capital into building both the design and brokerage businesses.”
“S&S’s history has been characterised by early adoption of new technology, materials, and engineering techniques for almost a century,” says Reuter, who has been named CEO. “We are enthusiastic about continuing to build on that foundation.”
S&S COO Jason Black is based in Greenwich, Connecticut, and initiated the transaction and negotiated on behalf of the company. Black will remain responsible for S&S’s brokerage team, business development and operations, while Chief Designer Brendan Abbott will continue to lead the Design Studio in Newport, Rhode Island.