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

Shipbuilding

Arctic Oil: Bourbon to Enter Arctic Market in 2016

Bourbon plans to enter the growing Arctic Offshore market in 2016 with a new Anchor Handling Tug Supply (AHTS) vessel built by the Vard shipyard. This AHTS (Anchor

Mitsubishi Exits Cruise Business; Books $357m Loss

Mitsubishi Heavy Industries, Ltd. (MHI) announced its decision to book an extraordinary loss from its cruise ship business in the company's consolidated financial

Wärtsilä Propulsion Equipment for 2 Fishing Vessels

Two new 78 metre purser/trawler fishing vessels being designed and built at Karstensen Shipyard in Denmark will feature Wärtsilä's main propulsion and control equipment.

Finance

St. Lawrence Seaway Workers Extend Strike Deadline

The union that represents workers on the St. Lawrence Seaway, the waterway that links the Great Lakes and the Atlantic Ocean, has extended a strike deadline to Monday at 5 p.

Mitsubishi Exits Cruise Business; Books $357m Loss

Mitsubishi Heavy Industries, Ltd. (MHI) announced its decision to book an extraordinary loss from its cruise ship business in the company's consolidated financial

China to Import 335 MT of Naphtha, Wants More

China is set to import more than 335,000 tonnes of naphtha and diesel, rare moves for the world's no. 2 oil consumer given it has been self-sufficient at meeting domestic oil product demand,

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Port Authority Ship Electronics 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: 0.1190 sec (8 req/sec)