Gregory Boat Co. and Gregory Marina, family-owned Detroit companies that hail back to 1906, have been sold to Bloomfield Hills-based development firm Lormax Stern.

With the purchase, the companies’ names will change. Gregory Boat Co., on East Jefferson Avenue across from Belle Isle, will be renamed Detroit Boat Basin; Gregory Marina, on Clairpointe Street near the Detroit River, will become KAM Marine and KAM Yacht Sales. Detroit Boat Basin was the company’s name back in the 1940s.

The purchase will not impact the staff or its leadership. Kathy Gregory will continue as president.

Read the original story at Crain’s Detroit Business