Marine Group Boat Works Bought by CEO, Investors

Originally published Marine Group Boat Works Bought by CEO, Investors on July 30, 2025 15:43 by https://www.sdbj.com/transportation/boating-marine/marine-group-boat-works-bought-by-ceo-investors/?utm_source=rss&utm_medium=rss&utm_campaign=marine-group-boat-works-bought-by-ceo-investors at San Diego Business Journal

SAN DIEGO – Marine Group Boat Works (MGBW) President Todd Roberts got his start at the company when he was 15 years old. Despite his enthusiasm, he was too young to be a deckhand. His first job was sweeping warehouse floors.

Now, he owns the company.

This month, Roberts purchased MBGW in partnership with MGBW customer and investor Chip Besse and Vigeo Investments Principal Skye Callantine. The buyout marks a significant milestone in the company’s and Roberts’ journey, transitioning ownership from the founding Engel family for the first time since its establishment.

“We’re a great marriage. I’m really excited to see where this goes,” Roberts said. “We can only go up because that’s been our trajectory for the last 15 years, and we continue to build year after year.”

Annually, MGBW does about $55 million to $75 million in sales. Roberts said that under new ownership, the company has plans to build on its operations and reputation as the last specialty boatbuilders left in California.

Stepping Into New Growth

In June of 2024, Besse, who is a Colorado-based entrepreneur in real estate and MGBW customer at its Cabo San Lucas yard, approached MGBW’s ownership to gauge interest in selling. At that point, the timing felt right for the Engel family, who continue to own and operate other waterfront entities including Flagship Cruises & Events.

“[Besse and Callantine] took a look at our financial performance over the last few years and realized that the place was a little war machine,” Roberts said. “I’m excited about the level of knowledge we have.

“I come from an environment where my partners were successful seasoned shipyard professionals,” he continued. “And it gave me the ability to do what I wanted to do. [With Besse and Callantine], we have two dynamic businesspeople who are extremely smart, creative and understand the current world of investment and financing.”

While most employees and operations are staying the same, current employees Leah Yam Jones, Eric Lundeen and Peter Horner are being promoted to VP of Global Services, VP of U.S. Operations and VP of Global Services, respectively.

The company is also focused on hiring staff accountants, welders and a marketing manager.

“We’ve been fortunate enough to take on some really exciting projects and keep 230 of the finest craftsmen in town hard at work,” Roberts said.

In this new era, MGBW plans to expand its presence in Mexico. The company recently established a relationship with the Four Seasons at Costa Palmas, maintaining its charter fleets and other boats on the marina.

MGBW is also focused on expanding along the California coast. Recently, it announced its contract to build a high-speed, Tier 4 catamaran for Catalina Express, the first of its kind in California. Materials have been ordered and the boat is planned to be delivered within 18 to 24 months.

The project is estimated to generate more than $100 million for the local economy, according to the 2020 report, “Economic Importance of U.S. the Shipbuilding and Repairing Industry,” released by the U.S. Department of Transportation Maritime Administration.
MGBW is also building patrol boats for the country of Jordan.

“I love this business. I love the company. I love the people. I wake up every day excited to go to work. I am really fortunate that is the case, because a lot of people can’t say that,” Roberts said. “I’m most excited to see this next phase.”

In its early years, the shipyard in Chula Vista was called Southwest Marine. In 2000, Roberts was hired as Vice President to shut down the financially struggling company.

Instead, he pioneered its transition into the business of superyachts, convincing the Engels to invest $6.5 million in facility redevelopment and equipment upgrades.

Company Evolution Over the Decades

In 2006, MGBW was officially rebranded and has been growing since.

“It’s a hard business to study because it’s not easy to predict,” Roberts said. “It’s fickle, but with a little bit of passion and a little bit of convincing, the family decided to invest at the time and allowed me to run with it. I spent the subsequent 24 and a half years building MGBW, and got us to where we are today.”

One of his proudest accomplishments, Roberts said, was putting MGBW’s 660-ton boat lift into service. The equipment was featured on The History Channel’s “Modern Marvels.”

A preeminent challenge in the industry is finding qualified skilled labor, Roberts said. A lot of prospective employees cannot afford to live in San Diego and choose to take jobs out-of-state. Additionally, Roberts noted supply chain issues and price volatility as industry obstacles. He has not noted a major impact from recent tariffs.

To complement its already electric cars, forklifts, tugboats and air compressors, MGBW is waiting for approval on a 550-kw solar power building array, which will be the largest in the Port of San Diego upon completion.

“This is my hobby,” Roberts said. “I’m most excited about seeing the next phase. I saw MGBW come from nothing, and now I get to see it reach the next level.”

Marine Group Boat Works
FOUNDED: 1986 as South Bay Boatyard, rebranded to Marine Group Boat Works (MGBW) in 2006
CEO: Todd Roberts
HEADQUARTERS: San Diego
BUSINESS: Boatbuilding and Repair
EMPLOYEES: 230+
WEBSITE: https://www.marinegroupbw.com/
CONTACT: [email protected]
SOCIAL IMPACT: Since it rebranded to MGBW, it has contributed more than a quarter million dollars to South County-based organizations including Living Coast Discovery Center, Sweetwater High School, FIRST Robotics, City of Chula Vista, City of National City and more.
NOTABLE: MGBW is one of the last remaining specialty boatbuilders left in California.

Born and raised in San Diego, Madison takes great pride in local storytelling. Her coverage at the San Diego Business Journal includes tourism, hospitality, nonprofits, education and retail. An alumna of San Diego State University’s journalism program, she has written for publications including The San Diego Union-Tribune and The San Diego Sun. At the 2024 San Diego Press Club awards, Madison was recognized for her exemplary profile writing. She was also a speaker for the 2023 TEDx Conference at Bonita Vista High School. When she’s not working on her next story, Madison can be found performing music at a local restaurant or on one of San Diego’s many hiking trails.

Originally published San Diego Business Journal