Harley Franco, Founder and Chairman of Pacific Coast operator Harley Marine Services
, Inc., was a pivotal private equity speaker at a recent Marine Money conference held in New York City. Mr. Franco represented the private equity position on a finance panel consisting of public maritime companies including Overseas Shipholding Group and Horizon Line.
In his presentation, Mr. Franco outlined
the various finance structures utilized which enabled him to remain private. This new finance vehicle, coupled with strong and positive banking relationships, allowed the corporate growth necessary to stay private with no ownership effect.
“Being a privately held company enables us to take advantage of opportunities presented to us today, which position us for tomorrow.” stated Mr. Franco. “We can take a long term view, rather than engage in the ‘quarterly earnings frenzy’, and also avoid the onerous expense and unnecessary time drain of Sarbanes-Oxley requirements. Remaining private lets us be flexible, utilize sound small company economics, and retain control of our operations”. He added “Right or wrong, the decision is mine.”