Novis Marine, owner of the Tartan and C&C brands, is selling up. New owners of the famous brands will be Grand River Investments, a Cleveland, Ohio-based private equity group.

J. Hunter Banbury is the new president and CEO, replacing Bill Ross, who steps down after nearly two decades running the company. Tim Jackett, chief designer and operating officer, will stay with Novis.

Banbury announced some ambitious plans for the company, including building bigger Tartans (a 60-footer and 57-footer) and establishing a foothold in the open-class racing market.