Mississippi-based Trinity Yachts and TY Offshore have formed Gulf Coast Shipyard Group with its new investment partner, Littlejohn & Co., a private equity firm in Greenwich, Conn.
Gulf Coast Shipyard Group will own and operate two regional shipyards 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.
Felix S. Sabates Jr. will step down as chairman to become a consultant to the group.
The investment enables GCSG to begin a planned $9 million capital improvement program to the Gulfport yard, including an upgrade to its Syncrolift to 4,300 tons in anticipation of working on ice class vessels for Arctic operations.
Gulf Coast Shipyard Group is the parent company of Trinity Yachts, its luxury yacht entity, and TY Offshore, which focuses on the design and construction of offshore supply vessels, commercial tugs, offshore barges, oil spill response and patrol vessels.