FOR IMMEDIATE RELEASE TOM LEWIS COMPLETES ASSET ACQUISITION OF BROWARD YACHTS New Owner Aims To Grow Region’s Once-Predominant Yacht Manufacturer Fort Lauderdale, Fla. (March 11, 2005) – Tom Lewis, chief executive officer and president of LPI Holdings, LLC, announces the completion of the acquisition of the assets of Broward Yachts, a Broward County (Fla.)-based manufacturer of luxury, semi custom-built yachts. Included in the assets being acquired are all of the company’s intellectual properties and trademarks, as well as the manufacturing and repair facility, brokerage location and marina. Financial terms of the transaction were not disclosed. A lifelong boater himself, Lewis plans to build on Broward’s successful record as an industry leader. For the past 50 years, the company has been manufacturing high-end yachts that range from 80’ to 157’ in length. His original interest in the company stemmed from an inquiry to purchase a Broward Yacht. However, the more he learned about the yachts and the people behind the company, he discovered an excellent opportunity to expand the Broward franchise. Lewis plans to revitalize Broward around the employees who made it a success. As a result, he is focused on reassembling many of the original members of the company’s staff. In fact, the first person he hired was the company’s former human resources officer, who will provide significant assistance in locating many former employees. “As an avid boater for 30 years, I am well aware of the economic and social impact yachting provides to the South Florida community,” said Lewis. “I am excited about the opportunity to bring back many of the people previously affiliated with Broward’s original ownership. And I am dedicated to providing the resources necessary to grow this hometown company.” “Broward has been a cornerstone of the Broward County marine industry for many years,” said Frank Herhold, executive director of the Marine Industries Association of South Florida. “For decades, Broward set the standard of excellence for luxury yacht building in South Florida. And now with Tom Lewis’ commitment and resources, the Broward brand will once again be restored to a level of customer satisfaction associated only with the finest yacht builders in the world.” With his background in real estate development, Lewis is focused on maintaining and preserving the Broward mega yacht marina, which serves as a considerable economic engine for Broward County and the region’s yachting industry. As a result, this decision will also safeguard jobs at the marina and promote continued economic expansion within the industry. Lewis is currently working on the final designs for a new series of yachts that include a 118’ X 24’ raised pilot house yacht and a 135’ X 27’ tri-deck. Production of the new yachts is projected to start within the next few months. Lewis intends to complete a 106’ Broward, currently in production, which will be used by Lewis and the company for relationship enhancement opportunities within the community. He will serve host to a number of charitable events, social gatherings and business functions in an effort to reacquaint the Broward brand with the community. Additionally, Lewis also has plans to immediately begin design and construction of his first two yachts. About Tom Lewis... Tom Lewis is chief executive officer and president of LPI Holdings, LLC. He has been an active owner, merchant builder and developer of real estate since 1974. LPI Holdings’ commercial developments include office and retail projects. Residential developments undertaken by the company include for sale and rental properties, as well as land development of planned unit communities, sub-divisions, and tract housing projects. The company develops real estate in Florida, Georgia, North Carolina, Colorado and California. Since its inception, the company has been involved in commercial projects totaling 2,000,000 square feet and residential developments totaling 611 units. For more information visit www.lpiholdings.com.
Young guy, his hair is still blonde. This sounds like a familiar refrain...several people have bought boats then bought the companies. I think Cary Yachts changed owners that way, maybe Sea Ray as well?
Broward Marine What level of boat building experience does Tom Lewis (the new owner of Broward Marine) have?
Good question... I'm hoping to meet with him soon. I'll post a Q & A follow-up after. I sincerely believe the president of a yard should possess a fair amount of knowledge in yacht building, but ultimately... that person must have good decision making skills and the ability to delegate responsibility to the right people. Given Tom's success in real estate development, these might be exactly the skills needed for the resurrection of Broward. The press release indicated Mr. Lewis intended to hire people that made up Broward's original workforce. With key personel in place, proper funding and the name "Broward"... these are the basic ingredients. What remains to be seen is the multitude of challenges that lay ahead. The level of detail and engineering that goes into building a yacht is only rivalled by the aerospace industry. In most cases... it is on a larger scale, it is more complex and it presents challenges the aerospace industry has rarely had to deal with... retail consumers! Yacht building is a daunting task. Often, it is a passion for yachts and excellence that drives builders, because the bottom line is not always as rewarding. Carl
broward yachts carl, i agree with your comments on building yachts, but my recent experience in a charter i had this feb in virgin islands with a 2001 built broward was awful. the built quality was very poor. poor engine room installation, the gensets did not have sound shields, it was not possible to relax even in the saloon, leave away the aft deck. the furniture was very poor quality. the marbles used, we do not even call marble in my country and only use them for outside areas. also, the boat was built like a condo, not having safety issues in mind. to move to foredeck for anchoring needed mountaineering skills, actually very dangerous in open seas. if they do not improve the quality, i do not think they will be able to stay afloat in long term.
Nilo, As an owner of a Broward, I take exception with your comments... but I also agree with them. Up until the last decade, Broward's were considered among the finest yachts in the states.... The reason's for this were many... 1. There were only a handful of yacht builders to compete with Broward in their era. 2. The aesthetic designs were contemporary and favored during their tenure. 3. They were more affordable than their European counterparts. 4. They had an established and recognized name in the U.S... and abroad. I have never considered the older Broward's among the most seaworthy vessels. Their hull designs were dated. Unfortunately, Broward's demise came along about the same time that new, modern and efficient hulls were making their way into the market place. In the later years of Broward's production, there were many other issues that effected production... family struggles, the passing of Frank Denison and the fire that destroyed Broward's yard. By the late 90's and the turn of the new Millennium, production at the new Dania facility had declined significantly, as foreign competition grew stronger. I can't pass comment on the yachts that Broward built in the final years of production, as I've only been onboard a couple of them. But I will say this... if I were to buy a pre-owned yacht, they are one of the BEST bangs-for-the-buck in the market.... and I WOULD buy another one. With regards to the 2001 Broward you chartered... there is no way to know how this boat has been maintained, or if it has been re-fitted with sub-standard materials. What's a shame is... often people cruise on a yacht that is several years old and assume this is how the boat was delivered from the factory. In some cases... the boat could be better... or worse... depending on the additions made. I do however, agree with your comments about the engine room. Today's new yachts are vastly improved with sound deadening materials, going so far as to isolate generators into their own rooms, or at the very least, encapsulate them into sound proof boxes. There have been remarkable advancements in yacht construction, materials and engineering... in just the past few years. I'm certain that many of these new technologies will be considered and incorporated into the new Browards. I think it will be reasonable to assume... this won't be "our father's Olsdmobile". Carl
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