AMBASSADORS MARINE GROUP ANNOUNCES CHANGE IN OWNERSHIP
May 14, 2009
Ambassadors Marine Group (AMG) announced today that they have been sold to Bellwether Financial Group, Inc. Bellwether Financial Group, Inc. is a private company based in California, headed by President and CEO Joe Ueberroth. The transaction, which was concluded on May 13, 2009, consisted of cash, forgiveness of debt, and assumption of liabilities in excess of twenty four million dollars.
AMG consists of two companies, Bellingham Marine (BMI) and BellPort Group (BPG). Under the stewardship of Mr. Ueberroth, the companies will act as independent entities. Going forward both BMI and BPG will be privately held companies, returning to them a more competitive and entrepreneurial method of operation.
“We are extremely pleased that Joe’s group was able to accomplish a purchase of AMG,” said Everett Babbitt, President of Bellingham Marine. “His background, industry experience, and reputation will serve as a strong enhancement for both companies going forward.”
“This change will return BMI to its former position as a proactive and strategic company, with a long term vision,” opined Mr. Ueberroth. “As the leader in the field of marina design-build construction, BMI is well suited to come through these difficult economic times as a stronger and better-positioned company. Similarly, as a leading operator of shipyards in Southern California, BPG is in excellent shape, and is poised to grow with the return of the market.”
Mr. Ueberroth has been associated with both Bellingham Marine and BellPort Group for over twelve years. In that time he has worked with the companies in a variety of ways, including functioning as CEO, Director, and as a customer.
About Bellingham Marine
Bellingham Marine is the global leader in design, manufacture, and construction of marinas and related products and services. Bellingham Marine enjoys an unrivalled reputation within the industry and has installed nearly 20 million square feet of docks throughout the world. The company’s distinction is directly attributable to the quality of its products and services, and the skill and dedication of its people. Read more at http://www.bellingham-marine.com.
About BellPort Group
BellPort partners with local ports, developers, and owners to build world-class boating facilities around the world. The concept behind BellPort’s shipyard management is to develop, operate, and provide efficient, quality-oriented, customer-focused, and environmentally compliant yacht repair facilities to the maritime community. Read more at http://www.bellportgroup.com.
For further information, please contact:
Bellingham Marine, P.O. Box 8, Bellingham, WA 98227; ph. 360-676-2800, fax. 360-734-2417, email. email@example.com