US marine marketplace Off The Hook Yachts has agreed to acquire Bellhart Marine Group, including its affiliated entities Bellhart Marine Services, Specialized Mechanical Services and Specialized Mechanical Services (collectively Bellhart).
Financial details of the transaction have not been disclosed.
Founded in 2012, Off The Hook operates a marine marketplace covering brokerage, wholesale trading, auctions, financing and service. The company uses ‘proprietary systems’, AI technology and transaction data to manage inventory and sales processes across its network. Its operations include Autograph Yacht Group, Azure Funding and lead-generation platforms. The business is headquartered in Wilmington, North Carolina.
The acquisition expands Off The Hook Yachts’ service and refit capabilities in North and South Carolina. Off The Hook says the combined operations will support vessel intake, servicing, refit work and resale preparation within a single platform.
“This is an infrastructure-driven acquisition,” says Jason Ruegg, founder of Off The Hook Yachts. “We are building what we believe will be one of the most efficient marine service and refit platforms on the East Coast – allowing us to recondition boats faster, more cost-effectively, and at a higher level of consistency than the traditional model.”
The transaction establishes a three-location service network in the Wilmington area.
Cape Fear River Shipyard will operate as a heavy service and refit facility, with the capacity to haul vessels of up to around 70 tons. The yard supports structural work and larger yacht refit projects.
The Market Street facility is set up for outboard engine servicing, repower work and diagnostics, and also serves as a customer-facing sales location.
Sloop Point Marina, which has approval to expand to approximately 450 dry stack racks, is expected to operate as a combined service and sales site. Bellhart will manage service operations and new boat sales at this location, supporting an existing customer base.
The Wilmington-based platform provides geographic access between the boating markets in Florida and the northeastern United States. The company notes that local service costs are lower than in South Florida, which may influence where vessels are refurbished. Wilmington International Airport is approximately 5-10 minutes from the facilities.
The acquisition adds Bellhart’s service operations and experience, including diesel servicing capabilities, to Off The Hook’s existing structure.
“Service is one of the most important – and historically fragmented – components of the marine industry,” adds Ruegg. “By bringing this capability in-house with proven operators like Bellhart and Specialized Diesel, we are creating a platform that is faster, more efficient, and more scalable.”
Brian John, chief executive officer of Off The Hook Yachts, says: “This acquisition aligns directly with our long-term strategy of building a scalable, infrastructure-backed platform.
“By significantly expanding our service capabilities, we are positioning the company to drive increased transaction volume, improve operating efficiency, and enhance long-term profitability.”
The company is developing a network of service locations along the US East Coast. This includes previously announced operations in South Florida and the Mid-Atlantic, alongside the Carolinas platform, forming a broader regional footprint.
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