Investment firm acquires Hinckley Co.
Boatbuilder Hinckley Co. in Southwest Harbor, one of Hancock County's largest employers, has been sold to a capital investment firm.
In a statement released yesterday, the company said it received a "growth capital investment" from Scout Partners LLC, and CEO James McManus told the Bar Harbor Times that Scout Partners is getting "a substantial ownership stake" in the company. Terms of the deal were not disclosed. Scout is a partnership between David Howe and Peterson Capital LLC, founded by former U.S. Secretary of Commerce Peter Peterson. McManus said the "strategic partnership" will allow Hinckley to grow.
The company has made custom sailboats and powerboats since 1928, and in 2008 had a revenue of about $100 million, according to a New York Times article. That same year, however, the company, which in 2002 employed more than 700 people, began laying off employees, cutting 50 workers from its Trenton facility in the fall of 2008, another 25 in January 2009 and another 26 in April. The company in May said it had brought back nearly 100 workers at its Trenton boatbuilding plant and another 35 at its facility in Manset.
Go to the article from the Bar Harbor Times >>
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