July 14, 2022
On July 11th, Pride Marine Group announced that it has partnered with Golden Spruce Capital Inc. to support the company’s future growth initiatives.
Led by Paul and Tyler Nickel, Chairman and CEO respectively, Pride Marine Group is the marquee service provider in the Canadian boating and marine space, and this investment will support the team’s goal of enhancing its customer experience, organic growth and the acquisitions of marinas across North America.
“The business started when David Pride (my grandfather) moved from Kitchener to Bracebridge, Ontario, to live out one of his dreams,” says Tyler, who becomes an official partner in the business, in which the Nickel family remains the largest shareholder. “Employee and customer satisfaction will be our top priority as we strive to make Pride Marine a household name. In pursuit of that goal, we are incredibly excited to have Golden Spruce on board to help us grow our current operations and explore acquisition opportunities.”
Pride got its start on the shores of Lake Muskoka and has been in business for more than 35 years, with a third-generation now taking over the reins as Tyler Nickel is being promoted to CEO while his father Paul steps into a new role as Chair of the Board of Directors.
“We are thrilled with the opportunity to partner with the Nickel family, who will continue to be a significant investor in the business,” said Sam Restagno, Managing Partner at Golden Spruce Capital. “Well into its fourth decade of operations, this is an exceptional team and we’re eager to support them in their quest to shape summer memories for families for future generations.”
“We partner with great entrepreneurs who have built strong businesses, and we enthusiastically support Tyler’s leadership and the next phase of the Pride legacy,” says Mark Wires, Partner, Golden Spruce Capital.
Golden Spruce Capital has become a market leader in supporting the growth of founder-owned and operated businesses since its inception in 2016.
About Pride Marine Group
Pride Marine Group began in 1986 as a single location, a small gas dock on the shores of Lake Muskoka, committed to serving cottagers with integrity, hard work and a smile. Our history and expansion to new lakes have been driven by our customers. With the addition of our newest locations, 92% of all Ontario boating now happens within one hour of one of our eight locations across the province.
About Golden Spruce Capital (GSC)
Founded in 2016 by entrepreneurially minded partners, GSC is a partnership-focused, private equity management firm that has invested in long-standing, durable companies in multiple industries across North America. GSC focuses on founder-owned and operated businesses that are at an inflection point in their evolution.
