Hargrave begins search for new investor
by Miranda Blazeby
Hargrave owner Michael Joyce has clarified that the custom yacht builder is not for sale. Following industry confusion, Joyce clarified his plans for the family-owned company and revealed the builder has begun the search for a new investor.
The “money partner” will work with long standing president Mike DiCondina to transform Hargrave into a standalone company. However, the Joyce family trust will continue to own 50% of the new company.
In a statement, Joyce previously said: “Mike DiCondina is going to be doing this for another 30 years so obviously he needs to find the right person or company to match up with his vision for the future and I can’t wait to see where this company will be in another ten years.”
Reflecting on the “non-stop industry consolidation”, Joyce said “now is the right time to change”.
“If Hargrave is going to continue to grow and develop in the next 10-20 year cycle, we need to get the company on a level playing field in order to compete. Being a small family run business was a big advantage for the first 20 years of our history but now is the right time to change our business model.”