Tri-State Marine Sold to Md. Family

Tri-State Marine, Chesapeake Bay Area’s Leading Grady-White & Parker Dealer, sells after 50-years to Maryland native son returning home.

By Heather Yoder, Marketing Manager

Deale, MD — December 1, 2020 — Bluewater Capital, Inc. announces today the acquisition of Tri-State Marine, Chesapeake Bay’s leading retailer of marquee boat lines Grady-White and Parker dealer serving the Washington, D.C., Virginia and Maryland communities for more than 50-years. Tri-State Marine, which boasts the largest indoor boat showroom in the United States, is well-known throughout the region for its top-quality sales and service experience and has been continuously recognized by the industry for its superior level achievement in overall customer satisfaction. The acquisition also includes Tri-State Tackle and Deale Marina, located at the closest Chesapeake Bay access point to metro Washington, D.C.

Keith Rhodes, a native Annapolitan and his wife Stephanie, founded Bluewater Capital, Inc. during the acquisition process and spent 6-months working along-side current company management and its owners to complete the acquisition. “It was an often intense and highly-involved process, but as we excitedly continued our pursuit of Tri-State Marine, we kept coming back to what made it so special – it was its people,” said Keith, who serves as Chief Executive Officer of Bluewater Capital, Inc. and Tri-State Marine. He continued, “After getting to know the owners and many of Tri-State Marine’s leadership throughout the acquisition process, it was clear what was most important; to ensure the long-term success and well-being of Tri-State Marine, a company that so many have held so dear for so long.”

“What makes Tri-State Marine so special is that so much of the current staff have been with us for more than 30 years,” said John Byrnes, President, who has led Tri-State Marine for 25 years under absentee ownership. “Many of us grew-up with Tri-State Marine – it’s a unique place with some of the best talent in the industry. We always do the right thing — that has been our basic formula for success for decades.”

Despite the early challenges created by COVID-19 for many small businesses, the uncertainty lifted for Tri-State Marine with the arrival of warmer weather when boat sales rebounded sharply. Across the industry, U.S. boat sales have reached record levels throughout 2020, due to a surge in demand driven by shifting consumer behaviors — some not so subtle — as a direct result of the global pandemic. “With U.S. boat sales reaching record levels and boat manufacturers at full production capacity with many 2021 models already sold out, it is equally exciting and challenging as a new boat dealership owner,” Keith acknowledged. He went on to say, “In light of product availability shortages, we are evaluating new growth opportunities to ensure that our revenue goals continue to align with our optimistic forecast for 2021 and beyond — we don’t expect demand to recede for quite some time.”

Tri-State Marine was started in the late 1960’s by Tom and Mary Beth Magenau, who instilled their integrity and high-quality service delivery to build what is widely considered to be the hallmark of leading boat dealerships in the area. Through perseverance and an unmatched dedication to customer service, Tri-State Marine today is emblematic of its early days where hard-work and doing the right thing was how brands were built – with long-term success as a direct result of this enduring formula. This, combined with their decades long personal and professional relationships with industry-leading boat manufacturer’s Grady-White and Parker Boats, provides a unique quality not often found at other dealerships and services centers.

With the acquisition of Tri-State Marine, Keith left his position as an Executive Vice President, Managing Director at a global marketing consultancy in New York City to lead the new company. Keith and his wife Stephanie are excited to relocate their family, including their 3 children, to Annapolis early next summer. “What’s perhaps most exciting for us is that we now have our own family legacy business, and in a place that we’ve wished to return to after so many years,” Keith went on to say. “We’re incredibly grateful and thrilled to be the new owners of Tri-State Marine — its acquisition was one of the greatest challenges of my life, yet it is also one of my greatest achievements. I look forward continuing its incredible legacy for decades to come.”

For additional information, please visit