Trinity Yachts and TY Offshore have formed the Gulf Coast Shipyard Group, along with new investment partner Littlejohn & Co., a multibillion-dollar Greenwich, Conn.-based private equity firm.
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 also will operate International Yacht Collection, a wholly owned yacht brokerage unit.
Management, which has a history of building and operating diversified shipbuilding operations, plans to work with teams to build significant competitive enterprises in their target industries, focusing on growth opportunities on the Gulf Coast, according to a Trinity Yachts statement.
Felix Sabates Jr. will step down as chairman to become an adviser and consultant to the new organization.
“Littlejohn has an impeccable reputation, along with the ability to bring equity, strategy and experience in order to successfully grow and diversify our operations,” Trinity Yachts and TY Offshore president and CEO John Dane said in a statement.
“In addition, I am also happy to announce that we will be starting a long-planned $9 million capital improvement program to the Gulfport, Miss., 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. All told, we expect these events will further establish our operations as a premier builder and major employer.”