Gulf Coast Shipyard Group Investment by Littlejohn

Press Release
Tuesday, May 28, 2013

Littlejohn & Co., LLC, a private investment firm based in Greenwich, CT, has made an equity investment in Gulf Coast Shipyard Group, Inc.

Gulf Coast Shipyard Group, is a manufacturer of a variety of ocean-going and inland marine vessels for commercial and military markets under the brand name TY Offshore, as well as superyachts under the brand name Trinity Yachts.

Centrally located on the Gulf Coast of the United States, Gulf Coast manufactures offshore supply vessels, tank barges, military patrol vessels, tugs and superyachts from two facilities located in Gulfport, MS and New Orleans, LA.

Gulf Coast entered the commercial vessel market in 2010 with the brand name TY Offshore and has invested significant capital into its facilities to serve the commercial vessel market and has successfully built a significant backlog of offshore supply vessels and inland tank barges.  The company also expanded its presence in the military vessel market.

Littlejohn & Co. intends to work closely with the existing Gulf Coast management team to support their strategic growth plans and continue investments in both shipyards.

John Dane III, President and CEO, will continue to lead the company as he has for the past 13 years since taking Trinity Yachts private from Halter Marine in 2000.  Felix S. Sabates Jr. will step down as Chairman to become an advisor and consultant to the new organization.

Mr. Dane stated, "Littlejohn has an impeccable reputation along with the ability to bring equity, strategy and experience in order to successfully grow our operations and market share.  I am also happy to announce that we will be starting a $9 million capital improvement program to the Gulfport, Mississippi yard which will increase our efficiency and annual output. These improvements will also upgrade our Syncrolift to 4,300 tons in anticipation of building ice class vessels for Arctic operations."
 

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Private Equity Drives New Ship Buys

Ship Registries are an excellent bellwether of industry health and trends, and when Maritime Reporter & Engineering News sought answers to some topical questions,

China Shipyards Bag the Week's Ocean-going Newbuild Orders

Reported ordering this week has been exclusively focussed on the Chinese yards, says Clarkson Hellas in their latest 'S&P Weekly Bulletin'. Dry bulk carriers COSCO

Aker Philadelphia Shipyard ASA: Purchase of own shares

Aker Philadelphia Shipyard AKPS), a leading U.S. commercial shipyard constructing vessels for operation in the Jones Act market, has on July 25, 2014 purchased 1,

Finance

Private Equity Drives New Ship Buys

Ship Registries are an excellent bellwether of industry health and trends, and when Maritime Reporter & Engineering News sought answers to some topical questions,

Floating Production: $1.2b Speculative FLNG Ordered

The floating production business continues to be very strong, particularly in the LNG gas processing sector.  Last month saw a speculatively ordered floating liquefaction plant – a $1.

Update: U.S. to Seize Kurdish Oil from Tanker off Texas

U.S. authorities are set to seize a cargo of oil from Iraqi Kurdistan anchored off the Texas coast after a judge approved a request from Baghdad, raising the stakes

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1173 sec (9 req/sec)