Trinity Yachts, Looks to Outside Investor for Cash

Felix S. Sabates to step down as Chairman of Trinity Yachts as they and their offshore craft construction division have sought outside investment and has formed the Gulf Coast Shipyard Group.

The cash injection comes from Littlejohn & Co., a multi-billion dollar private equity firm based in Greenwich, CT.  The value of the investment has not been disclosed by either party. 
The new company will own and operate two Trinity facilities which are engaged in the new construction of commercial, military and luxury yachts.  The Company will also operate International Yacht Collection (IYC), a wholly owned yacht brokerage unit.
John Dane III, President and CEO of Trinity Yachts announced the starting of a $9 million capital improvement program to the Gulfport, Mississippi yard.
These improvements will upgrade the Syncrolift to 4,300 tons in anticipation of ice class vessels for Arctic operations.