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Podcasts/Acquiring Minds
Acquiring MindsJuly 12, 2022

Why Chenmark Bought a Boat Tour Business

with Trish Higgins · Cap'n Fish's Cruises

Listen to Episode →

LenderHawk analysis. Not affiliated with or endorsed by Acquiring Minds.

The Deal

Business
Cap'n Fish's Cruises
Industry
boat tour business
State
ME
Multiple
3.0x
Year
2020
Deal Source
broker

Financing Structure

Buyer Equity

Strategic Rationale

Identified a business with high barriers to entry (dockage) and pricing power despite seasonality.

Post-Acquisition Performance

Survived pandemic profitably; added a second local competitor as a bolt-on.

The LenderHawk View

Real lenders that finance similar deals

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10
Median Spread
P + 2.99%
Top Lenders
Katahdin Trust Company69 deals
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See all matching lenders →

Key Takeaways

  • 1Seasonality and low overhead can be manageable financial characteristics if cash flow is disciplined and break-even points are tracked rigorously by business unit
  • 2Location, market positioning, and limited competition create durable competitive advantages in tourism businesses, offsetting typical tourism industry risks
  • 3Acquiring a business with a single critical employee carries substantial risk that can only be mitigated through trust in the seller and luck; humility and willingness to learn are essential when entering unfamiliar industries
  • 4Operating from a holding company structure with multiple cash-generating businesses provides risk diversification that allows acceptance of riskier individual acquisitions that a standalone searcher could not prudently take

Want the Full Story?

The full narrative — the personal details, the hard moments, the host conversation — only lives in the original. Go listen.

Listen on Acquiring Minds