Walstrom Marine, a Michigan-based, second-generation marine business celebrating its 75th anniversary, has announced that Continuum Ventures and Colony Marine are investing in the business as part of the company’s long-term succession plan.
Continuum Ventures, an investment management company for the Doug and Maria DeVos family, will assume a majority ownership stake in Walstrom Marine. Colony Marine, owned and operated by the Pete Beauregard family and the James Mestdagh family, will assume a minority ownership stake. The Ward Walstrom family will remain actively involved as a minority owner and Tom Ervin will remain in his role as president.
“We are proud to celebrate our 75th anniversary this year and in forging these partnerships we are setting up the business for long-term success over the next 75 years,” says Ward Walstrom. “This will usher in a new era of boating that gives us greater potential for growth and the opportunity to better meet the needs of an ever-changing market.”
Walstrom Marine was founded in 1946 and now has five Michigan locations in Harbor Springs, Traverse City, Bay Harbor, Charlevoix and Cheboygan. The company will continue to operate under the Walstrom Marine brand.
For more information, visit Walstrom.com.
