Gavel Acquires Vanguard Sailboats
Gavel Securities Limited, the holding company of Performance Sailcraft Europe Limited (PSE) and Laser Sailboats Limited, has acquired Vanguard Sailboats, including Seitech Products Inc and Vanguard-owned retail stores in Chicago, California and Rhode Island. Chip Johns, former president of Vanguard, and David Graham, current president of Vanguard and director of PSE, had spoken at length about the great value of merging the two companies for some time. Gavel acquires the shares of Vanguard, and Chip Johns will stay on indefinitely as a consultant as the integration and transition takes place. "I am delighted we managed to close this transaction" said Graham. "It will create opportunities for employees, the industry, and most importantly the sport of dinghy sailing, a positive move for all concerned. Vanguard / PSE have many successful classes other than the Laser class, for example (amongst others) the Sunfish and Laser SB3. This transaction will allow further development / distribution of all classes" Because Vanguard and Gavel are both efficient businesses in their own right, Graham does not foresee a rescue operation ahead. Johns shared Graham's positive view of the acquisition. "Combining the two well respected builders from the two continents will be incredibly positive for the growth of dinghy sailing," said Johns. "The combined companies will be able to focus more resources on promoting and growing the sport." For more information go to www.teamvanguard.com.