Baltimore Water Taxi owner Michael McDaniel, a 53-year-old mariner, has bought back the company from Under Armour founder and CEO Kevin Plank through his investment firm Sagamore Ventures. The sale price was not disclosed.
McDaniel, who purchased the business in 2010, had previously signed a five-year agreement with Sagamore Ventures to operate the Water Taxi. However, after talking to investors at Sagamore Ventures about buying back the company, McDaniel decided to move forward with the purchase.
The Baltimore Water Taxi operates free and paid routes throughout the city’s harbor and has recently introduced a rideshare option using the app TransiGO. The company also recently acquired a 92-foot boat for year-round charters.
McDaniel expressed his desire to see the Harbor Connector route expanded to Baltimore Peninsula, an area that has seen an influx of residents. He believes that a water taxi connecting the Inner Harbor would benefit local businesses and attractions along the waterfront.
Source: https://www.thebanner.com/economy/baltimore-water-taxi-R3XLRTWAVJCWFNX2Q7JEXZGHDE