GIBRILIA — Johns Boat Yard will become the home of progressive boatyard and progressive builder Mike Johnson’s new boatyard, a source familiar with the deal told CNN.
The purchase price is in the $40 million range and Johnson will be the majority owner.
Johnson’s company, Progress Boat Yard, will now be called Progressive Boat Yard and will be based in a warehouse in downtown Chicago.
Progress will take over the existing Johns Boatyard facility in the former headquarters of the Johns Corp. which Johnson sold in 2017.
The Johns family’s current headquarters is in St. Louis.
Progress plans to be the exclusive builder of boats at Johns for the next five years.
Johnson, who will be in charge of marketing and brand management for Progress, is an entrepreneur and former Navy SEAL.
He built his first boat in 1993 and later built a fleet of other boats.
Progress has a strong presence in the Bay Area and is headquartered in Palo Alto, California.