November 15, 2022 – Atlanta, Georgia-based Georgia Oak Partners, a private equity deal-by-deal
general partner – or fundless sponsor – has led a recapitalization of its majority-owned portfolio
company, Sailfish Boats. Founded in 1986 and headquartered in Cairo, Georgia, Sailfish is a designer and
manufacturer of recreational power and sport-fishing boats. It was originally purchased by Georgia Oak
in 2017 from Sailfish founder and former CEO Paul Hoppes.
The latest transaction offered original investors the opportunity to cash in on significant appreciation,
with many investors, including Georgia Oak, rolling Sailfish stakes into a new holding company (known
as a continuation vehicle). A large Connecticut-based institutional asset manager, investing in Sailfish for
the first time, purchased all stakes not rolled over by investors.
Under Sailfish CEO Rob Parmentier – appointed in 2020 and previously President of boat manufacturers
Sea Ray and Marquis-Larson – sales and profits at Sailfish have registered average compound annual
growth of 25 percent over three years, with revenues expected to approach some $45 million in 2022.
New boat models, an increase in production capacity, and a continuously expanding dealer network, are
driving long-term top- and bottom-line growth.
“Rob and the entire Sailfish team have done a fantastic job elevating the group’s visibility through
innovation, while vastly increasing distribution,” says Georgia Oak Managing Partner and founder,
Michael Lonergan. “We expect to double revenues again over the next few years. This transaction
demonstrates the high level of investor confidence in that future.” Sailfish has a growing order backlog
of over 14 months of historic sales, while the highly popular 316 Dual Console recreational boat,
introduced in March, is selling out of dealerships often within a week of delivery.
“In private equity right now, there’s a real acceleration of GP-led secondary deals for what were
originally single-company primary market acquisitions done by deal-by-deal sponsors,” says Matt Swain,
Global CEO of private equity advisor Triago, which advised Georgia Oak on the Sailfish transaction. “This
is evidence of the growing appeal of buying single-assets versus investing in funds that purchase a
relatively wide range of assets only after investor capital has been committed. The prospect of investing
in an identifiable, easily stress-tested single-asset at a time of growing uncertainty is tremendously
attractive. We expect a rapidly rising flow of single asset deals for quality companies like Sailfish in both
the primary and secondary private equity markets.”
About Georgia Oak Partners – Operationally-focused, long-term investor Georgia Oak makes majority
and minority equity investments in founder and family-owned firms with enterprise values of between
$20 million and $75 million. Georgia Oak’s skilled professionals in finance, operations, marketing and
development, along with its bench of C-Suite operating partners with specific industry expertise, fill in
the resource gaps that stand between companies and their full potential. Rooted locally and connected
globally, Georgia Oak partners with management teams and owners at overlooked growth companies in
defensible sectors such as specialty manufacturing, consumer products, restaurants, logistics and
business services. Founded in 2011 and based in Atlanta, Georgia, the group’s current portfolio consists
of seven companies, six of which are headquartered in Georgia. https://www.georgiaoakpartners.com/
About Triago – With offices in New York, London, Paris, Dubai and San Diego, Triago provides fundraising
services, secondary transaction advisory, and strategic solutions for general partners and limited
partners seeking to optimize success in the global private equity market. Founded in 1992 as one of the
first private equity fund placement agents, Triago has completed over 180 fundraisings on five
continents and has advised on the transfer of more than 3,500 private equity fund stakes on the
secondary market on behalf of some 200 clients across the world. Triago has also undertaken over 50
strategic advisory mandates for general partners and limited partners looking to launch, boost or
restructure PE operations. Triago’s fastest growing sector is direct single-deal advisory.
Contact: David Lanchner, firstname.lastname@example.org, +33 6 33 43 50 76