UPDATE, JULY 10, 2015: Billy Smith, a co-founder of Trinity Yachts and its longtime vice president of sales and marketing, has rejoined the shipyard. In a statement, Shane Guidry, chairman and CEO of Harvey Gulf, says, Guidry said, “One of the most respected professionals in the maritime industry, Billy brings not just an institutional knowledge of Trinity and Gulf Coast Shipyard Group, but also deep relationships with national and international contacts in the boat building community. Billy is a valuable asset to Trinity Yachts, and we are confident that he will help take Trinity Yachts to the next level.” Trinity Yachts remains a member of the Super Yacht Builders Association (SYBAss), where Smith is also a member of the board.
Read on for our original article.
Harvey Gulf International Marine, a New Orleans-based marine-transportation firm specializing in offshore supply and support vessels, has acquired Trinity Yachts . Harvey Gulf has also acquired Trinity Yachts’ sister company, TY Offshore, which focuses on designing and building vessels for the offshore energy sector and patrol craft.
Harvey Gulf made the announcement yesterday. While Trinity Yachts is mentioned in the press release, that release focuses on commercial ship construction and deliveries. Shane J. Guidry, chairman and CEO of Harvey Gulf, says in the announcement, “These shipyard acquisitions will position Harvey Gulf as America’s only builder, owner, and operator of dual-fuel (diesel/LNG) offshore supply vessels and allow us to pass along the savings of lower operating costs and environmental protection to the marine transportation industry.” Also according to the announcement, Harvey Gulf plans to expand operations at the two shipyards where Trinity Yachts and its sister company have operated. They are, respectively, in New Orleans and Gulfport, Mississippi (above). To manage the facilities, Harvey Gulf has created a new affiliate, Harvey Shipyard Group.
Because the press release makes no mention of megayachts, we contacted Guidry. He tell us, “To the extent we have past, present, or future yacht owners wanting to build, restore, or remodel yachts, we want to be the guys to call.” Currently, T-062, a 193-foot (58.83-meter) megayacht, is nearing completion at Trinity Yachts. Guidry says that she will be completed as contracted. “We’re evaluating whether or not to complete T-052 and 56 on spec,” he adds. T-052 is a 168-footer (51.2-meter) with styling from Trinity Yachts’ in-house team. The owner backed out during the recession, so construction has been on hold and the megayacht has been for sale. T-056 is a 167-footer (51-meter) with styling and interior design by Luiz de Basto. She, too, has been on hold.
We have learned independently of the press release and conversation with Guidry that Billy Smith and John Dane, the founders of Trinity Yachts and president and vice-president respectively for many years, are no longer with the company.
You may recall that Trinity Yachts brought on an investor in May 2013. That company, Littlejohn & Co., is a private-equity and distressed-securities company based in Connecticut. Littlejohn & Co. primarily invests in industries such as automotive and transportation parts and equipment plus aerospace/defense. The investment led to the creation of the Gulf Coast Shipyard Group, uniting Trinity Yachts and TY Offshore. Trinity Yachts has continued to operate at the 43-acre shipyard in New Orleans, the site where it began in 1988. TY Offshore is at a 50-acre site in Gulfport that Trinity Yachts’ principals acquired in 2005 following Hurricane Katrina. Trinity Yachts moved its offices and megayacht work to that same facility following the storm, until the New Orleans yard could return to full operations.
When Littlejohn & Co. stepped in, it additionally acquired International Yacht Collection, which Trinity Yachts took over in 2007. International Yacht Collection was divested last month, in a merger with Cape4 Yachting.
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