Hinckley Acquires Long-Term Lease on Savannah Boatyard; Continues to Expand Its Service Network

07-02-03 -- Regarded as one of the one's premier builders of semi-custom sailing and motor yachts, Hinckley has acquired or formed alliances with boatyards in Rhode Island, Florida, Maryland and Michigan during recent years to expand its yacht service network and to keep pace with the growing number of its Talaria® jet boats, including the company's popular Picnic Boat®.

"Hinckley is committed to providing the highest level of service to its customers - and part of that commitment is getting closer to areas where we have boats on the water," noted Ralph Willard, the company's president and CEO. "All of our yards also welcome other builders' boats and we believe there is a good opportunity to service the large sport fishing fleet that operates out of the Southeast," he noted.

Located on 7 acres directly on the Wilmington River, the boatyard is also situated on the Intracoastal Waterway and has easy access to open ocean both through Wassauw Sound and the Savannah River. The yard currently services power and sailboats up to 50 feet in length, with 25- and 35-ton lifts, dry storage and a marina for wet berths.

In business since 1938, Tidewater Boatworks was recently sold by the Sancomb family, the most recent operators of this yard. Hinckley has entered into a 50-year lease with the new owners.

Hinckley plans to make significant improvements at the boatyard during the coming year, according to Gerry DiSchino, President of Hinckley Yacht Services. "We expect to add a new state-of-the-art paint facility and a larger lift to handle the large number of other cruisers and sport-fishing boats in the area. We will also remodel the offices and give the entire yard a facelift," he said.

Eric Haberli, manager of the Southeast region for Hinckley Yacht Services with more than 30 years of experience in the industry at Palmer Johnson Yachts and Hinckley, will oversee improvements at the boatyard and manage its operation through the start-up phase. Hinckley will rehire eight former Tidewater employees, who will be given intensive training in servicing Hamilton water jets, the JetStick® control system pioneered by Hinckley and all other aspects of maintaining the high-tech boats. The yard will also continue to do outboard motor work for which it has been known, as well as provide complete electrical, mechanical, carpentry, painting and other repair and refit services.

"Hinckley is excited to be in the Tidewater Region, which is well-located to serve Georgia, the Carolinas and beyond," commented Mr. Haberli. "It's a rapidly growing and prosperous area that is really on the move. We believe the yachtsmen and sport fishermen here will appreciate Hinckley's commitment to providing an extraordinary level of service.

"The Hinckley Company, which is headquartered in Southwest Harbor, Maine was founded in 1928 and is considered to be one of the oldest yacht builders in the U.S. The company's Sou'wester® sailboats and Talaria jet boats range in length from 29 to 70 feet and are each hand-built to order. Hinckley Yacht Services is a division of The Hinckley Company with full-service yards in Southwest Harbor, Maine, Portsmouth, Rhode Island, Oxford, Maryland and Stuart, Florida. In addition, the company provides yacht refit, maintenance, repair and storage services for boats up to 150 feet in length and 180 tons and operates a yacht brokerage, charter service and retail business.