SAFE Boats is 100% employee owned

SAFE Boats International, a boat builder with shipyards in Bremerton and Tacoma, Washington, announced that it has completed a transaction transferring 100% ownership of the company to its employees.

The SAFE Boats International Employee Stock Ownership Plan (ESOP) has acquired the company, completing the final milestone on a journey that began in late 2022. An ESOP is an employee retirement plan that allows employees to own shares in the company and benefit from the stock’s appreciation in value over time.

SAFE Boats, which designs and manufactures aluminum personal watercraft in sizes from 21ft to over 100ft, was founded in 1996 and today has more than 250 employees/owners in two locations. The company primarily builds vessels for military, law enforcement, first responders and commercial customers and has delivered more than 2,500 boats to customers in more than 70 countries.

“It has always been our dream and vision to make SAFE Boats International our team and the community we live in,” said company co-founder Scott Peterson. “Transitioning to a 100% employee-owned company sets the stage to become a true Northwest legacy. This allows an incredibly talented and dedicated team at SAFE Boats to support the men and women in uniform around the world for generations to come.”

Richard Schwarz, CEO, said: “SAFE Boats’ success reflects the dedication and commitment of its team of talented craftsmen. Employee ownership through an ESOP is the ultimate opportunity for the company’s employee-owners to share in this success. Ultimately, it is our team that makes our company what it is and it is only fitting that they benefit from the results of their contributions.”