SAFE Boats Becomes 100% Employee-owned

SAFE Boats International, a boatbuilder with yards in Bremerton and Tacoma, Wash., announced it completed a transaction that transfers 100% of the company’s ownership to its employees.

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

SAFE Boats, which designs and manufactures aluminum watercraft ranging in size from 21 to more than 100 feet, was founded in 1996 and now has more than 250 employee-owners in two locations. It primarily builds vessels for military, law enforcement, first responder and commercial customers, having delivered more than 2,500 boats to customers in more than 70 countries. 

“It has always been our dream and our vision to make SAFE Boats International about our team and the community we live in,” said company co-founder Scott Peterson. “Transitioning to a 100% employee-owned company creates the foundation to become a true Northwest legacy. This allows an incredibly talented and dedicated SAFE Boats team to continue supporting 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 craftspeople. Employee ownership through an ESOP is the ultimate opportunity for the company’s employee-owners to share in that success.  In the end, it is our team that makes our company what it is, and it is only appropriate that they benefit from the results of their contributions.”