Littlejohn Invests in Gulf Coast Shipyards
Private investment firm Littlejohn & Co, LLC, based out of Greenwich, CT had announced that it made an equity investment in Gulf Coast Shipyard Group Inc. Gulf Coast is an inland marine and ocean going ship builder for both commercial and military purposes. Its ships carry the name TY Offshore while its superyachts are under the name Trinity Yachts.
The private investment firm is planning to work with the Gulf Coast management to pursue and achieve strategic growth plans as well as continue its developments in both commercial and military shipyards. Current President and CEO John Dane III would remain in the position since the company went private 13 years ago. Its Chairman, Felix S. Sabates Jr would step down to become advisor and consultant to the new company formed.
According to Mr. Dane, "Littlejohn has an impeccable reputation along with the ability to bring equity, strategy and experience in order to successfully grow our operations and market share. I am also happy to announce that we will be starting a $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 building ice class vessels for Arctic operations."