Servco sells boat motor business
Industry veteran Tom Hattemer is buying the distributor's assets
The assets of Servco Marine Supply have been sold to Mid Pacific Marine Inc. for an undisclosed price.
The business distributes Evinrude and Johnson outboard motors as well as related parts and equipment to dealers, said the buyer, local marine businessman Tom Hattemer.
Hattemer established Mid Pacific Marine for the acquisition and plans to hire Servco Marine's two employees. Servco Marine will cease to exist and Mid Pacific Marine is searching for a location.
The deal, expected to close in 60 days, "is good for me and I hope it's good for Servco," said Hattemer, a 20-year veteran of Hawaii's marine industry.
The transaction follows Servco's sale of its Easy Music Center to Peter Dods, son of local banker Walter Dods, and Servco's purchases of John Grosseto Marine Insurance and Raynor Pacific Overhead Doors earlier this year. Additionally, Servco is expanding its automotive dealerships in Mapunapuna and Waipahu on Oahu.
Hattemer recently sold Pacific Blue, a formerly Kewalo Basin-based charter boat business now engaged in parasailing, but he continues to operate Ilima Sportfishing out of the same area.
Servco Marine Supply's sales represent less than 1 percent of the total revenues of its Honolulu parent company, Servco Pacific Inc., according to a statement.
"We believe that this business will thrive best under the ownership of an entrepreneur such as Tom," said Mark Fukunaga, Servco's chairman and chief executive.