The Hinckley Company, iconic Maine boatbuilder of sail and power yachts, has been sold to private equity firm Scout Partners LLC. Phil Bennett, vice president of sales for Hinckley, confirmed the sale, which took place in January.
Founded in 1928, Hinckley builds its high-end boats at facilities in Trenton and Southwest Harbor, Maine. The company also owns eight service boatyards along the East Coast.
The new owners, Scout Partners, is a partnership between David Howe and Peterson Capital LLC, a private equity firm founded by former U.S. Secretary of Commerce Peter Peterson.
In 2008, according to the New York Times, Hinckley claimed revenue of about $100 million. That same year the company was forced to cut some 50 workers at its Trenton facility and another 56 workers in 2009. In May 2010 the company brought back nearly 100 workers in Trenton and another 35 in Southwest Harbor.
According to Howe, “We love the Hinckley brand, and plan to nurture it to preserve all that is Hinckley. We’re very excited about the future potential of the company, including the boatbuilding and service businesses.”
In a press release Hinckley Company CEO James McManus said, “2010 was a significant rebound year for the company. New boat sales were strong and continue to show momentum. We’re excited to have new ownership partners that are committed to building the Hinckley business and that share a passion for the Hinckley brand.”