Vanguard and PSE Merge

Thread starter #1
Portsmouth, RI – April 17, 2007 - We are pleased to announce that effective immediately Gavel Securities Limited (the holding company of Performance Sailcraft Europe Limited - PSE and Laser Sailboats Limited - LSB), has acquired Vanguard Sailboats which includes Seitech Products Inc and all three Vanguard owned retail stores in Chicago, California and Rhode Island.

Chip Johns (former president of Vanguard) and David Graham (current president of Vanguard and director of PSE) have spoken at length about the great value of merging the two companies for some time; Gavel acquiring the shares of Vanguard is the best outcome for all parties. Chip Johns will stay on indefinitely as a consultant to Gavel as the integration and transition takes place.

“I am delighted we managed to close this transaction” stated David Graham. “It will create opportunities for employees, the industry, and most importantly the sport of dinghy sailing, a positive move for all concerned. Vanguard / PSE have many successful classes other than the Laser class, for example (amongst others) the Sunfish and Laser SB3. This transaction will allow further development / distribution of all classes”

Vanguard and Gavel are both efficient businesses in their own right. There is not a rescue operation ahead. There will inevitably be changes to enhance the combined business. Valued customers will see no changes to the current level of service they have come to expect, other than improved service downstream.

“Combining the two well respected builders from the two continents will be incredibly positive for the growth of dinghy sailing,” said Chip Johns, former president, Vanguard Sailboats. “The combined companies will be able to focus more resources on promoting and growing the sport.”

On hearing the news of the acquisition the Laser Class President, Heini Wellmann, and Executive Secretary, Jeff Martin made the following comments:

“We welcome the transaction because it will strengthen and simplify the one design aspects of the Laser class. It will also help to further develop the class throughout the world and in particular has the potential to further the growth and distribution of the Laser class in developing countries.”

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Upside down?
Staff member
Wow; that's a shock to my system. I wonder what the track record is of Gavel Securities, running PSE. Is it the almighty pound sterling that rules Gavel and do they actually care about sailing?
Vanguard has been very supportive of dinghy sailing on this side of the pond.


Super Opinionated and Always Correct
Up until today I could pick up the phone and talk to the owner / chief head honcho himself. I knew he had pretty much his whole fortune tied up in the success of the company and he damn sure didn't want to do crap that would make a fleet of dissatisfied whiny ass customers take shape and aquire momentum and power.

I hope somebody still cares personally about "HIS" company the way Chip did.


Upside down?
Staff member
Following up on my 4/17 post, I just read (The Laser Sailor/Summer 2007) that Vanguard intends to decrease financial support to ILCA-NA in the future.
This is from the minutes of the ILCA-NA Annual General Meeting (6/15/07)