Sparkman & Stephens sold to investors

The list of owners reads like a who’s who: Baker, Disney, DuPont, Ford, Heath, Johnson, McGraw, Mosbacher, North, Reynolds, Rockefeller, Rothschild, Schaefer, Scripps, Sears, Turner, Vanderbilt and Watson to name a few.

This follows the rise to prominence starting back to the 1930s, after Dorade, Olin Stephens’ 52-foot ocean racer, won the Trans-Atlantic race by a dramatic two-day margin. Thereafter the avalanche began...

Of course, we’re talking about Sparkman & Stephens (S&S), the naval architecture and brokerage firm founded by Olin Stephens and Drake Sparkman in 1929, and famous Down Under for some notable short-handed sailing circumnavigations by Australians Jon Sanders, Jesse Martin, Jessica Watson and Jamie Dunross.

Now, S&S is back making headlines after it was acquired by a group of private investors led by Brooke S. Parish and John B. Reuter.

S&S says the transaction enables it to implement expansion strategies in its design and brokerage businesses for which it sought growth capital. The firm remains privately held and terms of the deal were not disclosed. But it is a new era for the yachting brand S&S, which is turning more to high end superyachts it seems.

"We feel a tremendous sense of pride and responsibility to assume stewardship of a brand and a company whose legacy in American yachting cannot be overstated," said Parish, who will serve as S&S’s new Chairman. "We intend to put significant effort and capital into building both the design and brokerage businesses."

A New York yachtstman and an asset management professional, Parish owns a 1957 Sparkman & Stephens ketch called Mermaid originally built for Austin Goodyear from the famous NY family.

"S&S’s history has been characterised by early adoption of new technology, materials, and engineering techniques for almost a century," said John B. Reuter, who has been named CEO. "We are enthusiastic about continuing to build on that foundation."

Reuter is a successful entrepreneur and private equity investor and has been involved with yachts for nearly 20 years. The Company’s COO, Jason Black, will remain responsible for S&S’s brokerage team, business development and operations, while chief designer, Brendan Abbott, will continue to lead the design studio in Newport, Rhode Island.

"We delight in our sailing legacy and will always be active in that category," said Abbott, "but we are putting increasing effort into building our portfolio in the power yacht arena. There are some fantastic projects already on the boards and the future looks bright."

S&S has worked with high-end production companies and builders around the world including Abeking & Rasmussen, Baltic, Concordia, Derecktors, Hinckley, Hylas, Lyman Morse, Morris, Nautor Swan, Northwind, Palmer Johnson, Royal Huisman, Shaw, Stellar, Tartan, Queen Long, and others.

The first J-Class yacht, the 130ft Ranger built for Harold “Mike” Vanderbilt, made America’s Cup history by winning 35 of 37 match races in 1937. Over the next four decades, S&S designed every America’s Cup winner but one — an astonishing achievement unlikely to ever be repeated.

For more information about Sparkman & Stephens, visit
sparkmanstephens.com.

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