TY Offshore, Llc. and Trinity Yachts, Llc. announced the formation of the Gulf Coast Shipyard Group along with its new investment partner, Littlejohn & Co., a multi-billion dollar private equity firm based in Greenwich, Conn. Gulf Coast Shipyard Group will own and operate two major Gulf Coast based shipyards engaged in the new construction of commercial, military and luxury yachts. The Company will also operate International Yacht Collection (IYC), a wholly owned yacht brokerage unit.
Management is enthusiastic about its partnership with Littlejohn, which has a track record of investing in and working with management teams to build significant competitive enterprises in their target industries. In addition to other positive industry dynamics, management and Littlejohn view the growth opportunities in the Gulf Coast as historic in proportion. Felix S. Sabates Jr. will step down as Chairman to become an advisor and consultant to the new organization.
John Dane III, President and CEO of TY Offshore and Trinity Yachts said,“We will be starting a long-planned $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 ice class vessels for Arctic operations.”