NEWS

NEWS SUMMARIES

September 15, 2012
SEA GLASS CAPITAL ANNOUNCES RE-LAUNCH

After spending the last two years waiting for the industry to recover from the Great Recession, Sea Glass Capital Advisors announces that it is re-launching its Business Navigation Services™ in the recreational marine industry. Sea Glass’ Business Navigation Servicestm are designed to help its clients build, optimize and grow their businesses and, when the time is right, harvest the enterprise value they have created. Sea Glass offers a full range of strategic, operational, financial and merger and acquisition services, combined with proven real-world industry experience, to help clients achieve their strategic, operational and financial goals.


December 31, 2010
SEA GLASS CAPITAL ADVISORS ANNOUNCES MANAGING PARTNER TAKES EMPLOYMENT WITH CORDJIA MARINE SOLUTIONS

Alexander “Sandy” Spaulding announced that he is accepting employment at Cordjia Marine Solutions.


February 3, 2006
SEA GLASS CAPITAL ANNOUNCES ENGAGEMENT BY ISLAND GLOBAL YACHTING

Sea Glass Capital Advisors, LLC is pleased to announce that it has been engaged by Island Global Yachting to lead their due diligence in connection with the possible material investment in a United States based megayacht builder as IGY continues to expand its businesses in the mega and super yacht areas.


January 2007
SEA GLASS CAPITAL ANNOUNCES SALE OF MAJORITY INTEREST IN INTREPID POWERBOATS


Sea Glass Capital Advisors, LLC is pleased to announce that it successfully completed its engagement for the sale on Intrepid Powerboats.


February 3, 2006
SEA GLASS ANNOUNCES ADDITION OF TIM MONTGOMERY AS MANAGING DIRECTOR

Sea Glass Capital, LLC announced the addition of Tim Montgomery as Managing Director. Mr. Montgomery brings 25 years of operating experience successfully leading businesses in a variety of industries, including Raytheon Marine Company, a global leader in recreational marine electronics.

June 24, 2005
SEA GLASS CLIENT ACQUIRES BOATYARD

The City Marine Company, a Sea Glass Capital Client, announced the acquisition of The Halsey Cannon Boatyard in Charleston, South Carolina.

March 1st, 2005
SEA GLASS ANNOUNCES ADDITION OF BILL YEARGIN TO ADVISORY BOARD

Sea Glass Capital, LLC announced the addition of Bill Yeargin to its Advisory Board. Mr. Yeargin has been a member of the executive team at Rybovich Spencer, the world-renowned yacht builder and yacht service company, for the past twenty years.

February 15th, 2005
SEA GLASS ANNOUNCES ADDITION OF BRUCE HALLETT TO ADVISORY BOARD

Sea Glass Capital, LLC announced the addition of Bruce Hallett to its Advisory Board. Mr Hallett is a former President of TIME magazine and Sports Illustrated.

February 15, 2005
SEA GLASS ANNOUNCES ADDITION OF BOB HINCKLEY TO ADVISORY BOARD

Sea Glass Capital, LLC. announced the addition of Bob Hinckley to its Advisory Board. Mr. Hinckley is a well known and well respected leader in the marine industry.


February 14th, 2005
SEA GLASS CAPITAL LAUNCHED AT MIAMI BOAT SHOW

Sea Glass Capital, LLC is officially launching its services at the 2005 Miami International Boat Show. Sea Glass Capital is leading the way by focusing its financial and consulting services on the marine industry.





September 15, 2011

SEA GLASS CAPITAL ANNOUNCES RE-LAUNCH


After spending the last two years waiting for the industry to recover from the Great Recession, Sea Glass Capital Advisors announces that it is re-launching its Business Navigation Services™ in the recreational marine industry. Sea Glass’ Business Navigation Servicestm are designed to help its clients build, optimize and grow their businesses and, when the time is right, harvest the enterprise value they have created. Sea Glass offers a full range of strategic, operational, financial and merger and acquisition services, combined with proven real-world industry experience, to help clients achieve their strategic, operational and financial goals.

Sandy Spaulding, the Managing Partner of Sea Glass, notes that: “When we first launched Sea Glass Capital Advisors in 2005, we were optimistic about the prospects of the recreational marine industry and likewise, bullish that investors, including private equity groups, would be attracted to the industry”. But, “By the second half of 2008 and into 2009, the Great Recession wreaked havoc on the recreational marine industry. Most boat production fell well over 50%, some 100%! The pipeline was clogged with excess inventory at the dealer level, with more than half of whom reportedly eventually going out of business by the end of 2010. Even service yards, which claim to be counter cyclical if not acyclical, commonly suffered 30% declines in revenues. Marinas had excess capacity. Investors got burned.”

2009 was a year when the knife just fell and no one had the courage to try to grab it. 2010 was a year when a few brave souls felt the knife had fallen far enough and started to pick apart and invest in the pieces. However, no owner of a boat company or investor was getting any payouts for their stock. Deals were being cut with the banks and other lenders to take over the ownership of companies. The rest were still just hanging in there. 2011 began with some hope that the US economy was in a recovery. It was, but the recovery has been weak, although the stock market has rebounded. According to the NMMA’s 2011 Statistical Abstract, recreational boating generated $32.3 billion in sales and services in 2011. A six percent increase from 2010, but still significantly below the 2007 number of $37 billion. Furthermore, the number of pre-owned and new powerboats and sailboats sold fell by 2%. InfoLink’s Bellweather Report has indicated growth in boat sales in 2012.

Sea Glass Capital Advisors has seen enough examples of businesses succeeding in this flat economy and is optimistic that many more will be making investments and seeing the benefits in a year or two, that they feel it is important to make their services available again in the recreational marine industry.

Spaulding says “What IS strikingly clear is that those companies that have found the resources to invest in their business are still growing in this flat economy. They have found ways to come out with new models, purchase (or lease) a new travelift, install a paint shed, or purchase new software, or hire good people. The reverse, unfortunately, is also true. Those marine businesses that are standing still, hoping to ‘just survive’, and are waiting for the economy to ‘turn around’, are at a high risk of failing or becoming the ‘walking dead’. We want to help companies be financially successful.”

Spaulding also thanks Navroze Eduljee, President and Co-Founder at CorVant, LLC for engaging Sandy for two years to help them launch PierVantage ™ into the recreational marine industry. PierVantae ™ is the first and only truly integrated cloud based marine management software to run a boatyard or marina.

December 31st, 2010

SEA GLASS CAPITAL ADVISORS ANNOUNCES MANAGING PARTNER TAKES EMPLOYMENT WITH CORDJIA MARINE SOLUTIONS

Alexander “Sandy” Spaulding announced that he is accepting employment at Cordjia Marine Solutions. This decision will significantly impact Sea Glass Capital Advisors ability to represent clients with is Business Navigation Servicestm. “This is good news and bad news,” stated Sandy Spaulding, Managing Partner of Sea Glass Capital Advisors. “It’s bad news because we have determined that the recreational marine industry has been so negatively impacted by the Great Recession that there are few opportunities for marine companies to engage our services to help them either reposition themselves or sell their businesses with ANY significant value.” The Great Recession wreaked havoc on the recreational marine industry. Most boat production fell well over 50%, some 100%. The pipeline was clogged with excess inventory at the dealer level, with more than half of whom reportedly eventually going out of business by the end of 2010. Even service yards, which claim to be counter cyclical if not acyclical, commonly suffered 30% declines in revenues. Marinas had excess capacity. Investors got burned.

The good news is that Cordjia Marine Solutions is one of the few examples of a company that has been investing in this downturn. They have built from the ground up PierVantag ™ , the first and only truly integrated, cloud based marine management solution to run boatyard and marinas operations and compete against legacy solutions such as DockMaster and Watch Captain. “I am impressed with the team and the product and strongly believe that the future of software is in the cloud”, said Spaulding. “I expect to use my contacts in the industry to help them roll out the service and give the company secure footing for the future.”

Spaulding hopes to return to Sea Glass Capital Advisors at some time in the future when the industry as a whole has shown signs of recovering from the Great Recession.

February 15th, 2008

SEA GLASS CAPITAL ANNOUNCES ENGAGEMENT BY ISLAND GLOBAL YACHTING

Sea Glass Capital Advisors, LLC is pleased to announce that it has been engaged by Island Global Yachting to lead their due diligence in connection with the possible material investment in a United States based megayacht builder as IGY continues to expand its businesses in the mega and super yacht areas. . “I am pleased that IGY had the confidence in our team, based on our experience with Hinckley and Intrepid, to engage us to help them perform their due diligence and analysis of this builder and in this marine space,” stated Sandy Spaulding, Managing Partner of Sea Glass Capital Advisors.

January, 2007

SEA GLASS CAPITAL ANNOUNCES SALE OF MAJORITY INTEREST IN INTREPID POWERBOATS

Sea Glass Capital Advisors, LLC is pleased to announce that it successfully completed its engagement for the sale on Intrepid Powerboats. Sea Glass was engaged by John Michel to find a buyer for Intrepid in 2006. The deal closed in December 2006 with a private equity fund from Massachusetts with a range of investment s in manufacturing and retail sales. “I am pleased that John chose us to help him sell the Company and that we were able to find an investor for Intrepid that should position it well for the foreseeable future,” stated Sandy Spaulding, Managing Partner of Sea Glass Capital Advisors.


February 1, 2006


SEA GLASS ANNOUNCES ADDITION OF TIM MONTGOMERY AS MANAGING DIRECTOR


Sea Glass Capital, LLC announced the addition of Tim Montgomery as Managing Director. Mr. Montgomery will lead Sea Glass Capital’s strategic and operational management consulting practice. Mr. Montgomery brings over 25 years operating, general management and P&L experience leading businesses in a variety of industries, including Raytheon Marine Company, a recognized global leader in recreational marine electronics.

Tim Montgomery is an avid boater and marine enthusiast whose passion is helping companies grow, become more profitable and maximize enterprise value. Much of Tim’s work has involved turning around under-performing operations and acquiring, consolidating and growing businesses. Tim has extensive experience in the sale, purchase and consolidation of manufacturing and service businesses and has worked extensively with customers, suppliers and partners around the world. As leader of Raytheon Marine Company, Tim brought a record number of new products to market, rapidly increased sales, doubled income and return on invested capital and then successfully packaged the company for sale to a financial buyer. Tim graduated from Harvard College and Harvard Business School.

Sandy Spaulding, President of Sea Glass Capital, said, “We are thrilled to have Tim on board. Tim’s hands-on recreational marine industry experience across a wide range of strategic and operational areas is directly applicable to assisting Sea Glass Capital’s client base.” Sea Glass Capital is a management and financial advisory services firm providing Business Navigation ServicesTM to help clients in the recreational marine industry build, optimize and grow their businesses and, when the time is right, harvest the enterprise value they have created.

Sea Glass Capital offers a full range of strategic, operational, financial and merger and acquisition services, combined with proven real-world industry experience, to help clients achieve their strategic, operational and financial goals.

For more information, please contact: Marketing, Sea Glass Capital, LLC, PO Box 67507, Chestnut Hill, MA, 02467.


June 24, 2005

SEA GLASS CLIENT ACQUIRES BOATYARD


The City Marine Company, a Sea Glass Capital Client, announced the acquisition of The Halsey Cannon Boatyard in Charleston, South Carolina. They will change the name to The City Boatyard to complement their two marinas, The Charleston City Marina and The Bristol Marina. With the short supply of boatyards in South Carolina, The City Boatyard will conveniently service vessels in South Carolina that historically travel to North Carolina and Georgia for repairs.

Sea Glass Capital provided management advice to The City Marina Company including the development of a five year business plan, a comprehensive market study, and assistance in locating the Operations Manager.

For more information, please contact: Marketing, Sea Glass Capital, LLC, PO Box 67507, Chestnut Hill, MA, 02467.



March 1st, 2005

SEA GLASS ANNOUNCES ADDITION OF BILL YEARGIN TO ADVISORY BOARD

Sea Glass Capital, LLC announced the addition of Bill Yeargin to its Advisory Board. Mr. Yeargin has been a member of the executive team at Rybovich Spencer, the world-renowned yacht builder and yacht service company, for the past twenty years. “I am most pleased to add Bill to our Advisory Board given his leadership in the marine industry and reputation for integrity and independence,” stated Sandy Spaulding, President and Managing Partner of Sea Glass Capital, LLC.

Actively involved in the marine industry, Bill currently serves on the Boards of the Association of Marina Industries and the Marine Industries Association of Palm Beach County. He has previously served on the boards of the International Marina Institute, American Boat and Yacht Council and McFatter Marine Technical School

Bill’s many contributions to the marine industry have resulted in him receiving two of the industry’s most prestigious awards: The International Marina Institute’s “Stroud Award” and the American Boat Builder and Repairers Association’s “President’s Award.”

For several years Bill has written a monthly column focusing on management and leadership issues. The column is currently published in two magazines; the marine industry magazine Soundings Trade Only, and a trade publication for church leaders, Church Executive. Over the years, Bill’s management and leadership columns have also been published in many publications, including Boating Industry. Bill’s columns are noted for giving leaders practical advice that they can immediately use in their organizations to achieve positive results.

In addition to his columns, Bill has authored two books. “Yeargin on Management,” now in its third edition, is a compilation of his first 100 management and leadership columns. “What Would Dad Say?” is a book Bill co-authored after his father’s death describing a fictional conversation between a father in heaven and his son left on earth.

“I welcome Sandy’s enthusiasm and efforts to bring professionalism to the marine industry,” said Mr. Yeargin. I am happy that a financial advisory and consulting firm of this caliber focuses on the marine industry. I think it is particularly helpful to have someone like Sandy who has been in the marine industry and is not just another consultant.”

Sea Glass Capital. LLC provides strategic and financial advisory services to companies in the marine and new luxury industries. Sea Glass Capital is headquartered in Chestnut Hill, Massachusetts.

For more information, please contact: Marketing, Sea Glass Capital, LLC, PO Box 67507, Chestnut Hill, MA, 02467.


February 15th, 2005

SEA GLASS ANNOUNCES ADDITION OF BRUCE HALLETT TO ADVISORY BOARD

Sea Glass Capital, LLC announced the addition of Bruce Hallett to its Advisory Board. Mr Hallett is a former President of TIME magazine and Sports Illustrated. Mr, Hallett was President of TIME for almost seven years. Under Bruce’s leadership, Time set new records for revenues and profits from 1997-1999. Bruce moved his skills to SI. During his tenure at SI, SI was one of the top three magazines in the country for ad revenue.

“I am so pleased Bruce has joined our Advisory Board”, said Sandy Spaulding, President and Managing Partner of Sea Glass Capital. “Bruce brings not only his extraordinary business skills and success to the table, but a world-wide network of executives that could benefit our clients.”

Mr. Hallett is married with five children and currently living in Vermont. “At this stage of my career, I am very interested in helping Sandy and Sea Glass assist the smaller and medium-sized company and their management and shareholders achieve financial success.”

Sea Glass Capital. LLC provides strategic and financial advisory services to companies in the marine and new luxury industries. Sea Glass is headquartered in Chestnut Hill, Massachusetts.

For more information, please contact: Marketing, Sea Glass Capital, LLC, PO Box 67507, Chestnut Hill, MA, 02467.


February 15, 2005

SEA GLASS ANNOUNCES ADDITION OF BOB HINCKLEY TO ADVISORY BOARD


Sea Glass Capital, LLC. announced the addition of Bob Hinckley to its Advisory Board. Mr. Hinckley is a well known and well respected leader in the marine industry. For all his working years, Bob has been involved at all levels in the family business, The Hinckley Yacht Company.

“Bob brings a world of experience and contacts from the marine industry to Sea Glass Capital, said Sandy Spaulding, President and Managing Partner of Sea Glass. “He has seen it all and perfectly represents the integrity and quality of our desired client base.”

Mr. Hinckley has seen the introduction of all of Hinckley’s famous lines of sailing and power yachts, from the Pilot 35, to the Bermuda 40, to the Sou’Wester line of sailing vessels, to Hinckley’s line of power vessels represented by the hugely successful Picnic Boat. “I love the marine industry. I have seen it grow and mature over the years. I have also seen first hand what Sandy and his colleagues can do to help a company grow and achieve its financial objectives. I am impressed! I think the time is ripe for a financial advisory company like Sea Glass capital to focus on the marine industry and help companies achieve their financial goals.”

Sea Glass Capital, LLC provides strategic and financial advisory services to companies in the marine and new luxury industries. Sea Glass is headquartered in Chestnut Hill, Massachusetts.

For more information, please contact: Marketing, Sea Glass Capital, LLC, PO Box 67507, Chestnut Hill, MA, 02467.


February 14th, 2005

SEA GLASS CAPITAL LAUNCHED AT MIAMI BOAT SHOW


Sea Glass Capital, LLC is officially launching its services at the 2005 Miami International Boat Show. Sea Glass Capital is leading the way in the marine industry by focusing its financial and consulting services on the marine industry. “The marine industry has been overlooked by the investment banking and consulting communities” commented Sandy Spaulding, President and Managing Partner of Sea Glass Capital. “There has been a perception that the marine industry is both cyclical and made up of small, unsophisticated operators. At Sea Glass Capital, we believe that much has changed over the last 10 years in the marine industry. It is a bigger market and there are many more sophisticated players. And it is international in scope.” There have also been more examples of successful purchases and sales of marine companies, including several by Brunswick Corporation and Genmar Holdings, but also others like Hinckley Yachts and MasterCraft Boat Company.

In terms of size, according to the NMMA’s 2003 Statistical Survey, the recreational boating industry is a $30 billion annual turnover business, and this number does not include either the the marina and service and repair numbers in the US or the international numbers which could quadruple the size of the recreational boating industry worldwide. “I am excited about the opportunity here”, commented Sandy Spaulding, formerly President of Hinckley Yachts. “I think we can provide a valuable service to companies in the industry. We believe that hiring Sea Glass Capital is an investment that the owners and shareholders of marine companies will be happy they made.”

Sea Glass Capital. LLC provides strategic and financial advisory services to companies in the marine and new luxury industries. Sea Glass is headquartered in Chestnut Hill, Massachusetts.

For more information, please contact: Marketing, Sea Glass Capital, LLC, PO Box 67507, Chestnut Hill, MA, 02467.