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. “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,“ says Shane Guidry, chairman and CEO of Harvey Gulf. Calling Smith “a valuable asset,” he adds, “we are confident that he will help take Trinity Yachts to the next level.”
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. It has also acquired Trinity’s sister company, TY Offshore, which designs and builds vessels for the offshore energy sector and patrol craft..
The news came yesterday, in a press release focusing on commercial ship construction and deliveries. Shane J. Guidry, chairman and CEO of Harvey Gulf, states, “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.” Harvey Gulf will expand operations at the two locations 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. Guidry says that she will see completion 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, above) with styling from Trinity’s in-house team. The owner backed out during the recession. Therefore, construction has been on hold, and the yacht 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.</p>
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, 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. The yacht offices and construction moved there 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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