Business

<< Previous   of   Next >>   ADVERTISEMENT   Related Stories • Whidbey Island boat builder files for bankruptcy 11/20/07 • Shipbuilder calls it quits 11/3/07   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Friday, February 1, 2008 Whidbey boat builder's new owner is Texas firm Herald Staff The sale of Nichols Bros. Boat Builders, one of Whidbey Island’s largest employers, to a Texas-based capital investment group has been approved by the U.S. Bankruptcy Court in Seattle. Nichols Bros. filed for Chapter 11 bankruptcy in November. "With the consummation of this transaction and the financial support of our new owner, we are ready to take Nichols Bros. to the next level and to make quality boats for another 40 years," Matt Nichols, CEO of Nichols Bros, said in a written statement Friday. "Our employees, customers and vendors are all excited about this transaction." He added the the business will begin rehiring workers immediately and expects to employ about 150 workers as production resumes at full speed. Nichols Bros. ceased operations briefly in November before recalling 60 of its workers to complete existing projects. As of this week, the boatyard employs 50 workers. A leading manufacturer of tugboats, ferries, aluminum vessels and commercial fishing boats since 1964, Nichols Bros.’ new owner is Ice Floe LLC, backed by Treadstone Capital Management L.P. of Dallas and Joseph Usibelli of Alaska. Michael Donohoe of Treadstone said the Freeland-based business has“a highly skilled workforce and a unique expertise in aluminum boat building, a growth sector of the industry." "The company has gone through a trying period as a result of litigation and capital constraints," Donohoe said. "This sale allows the company to move forward free of those constraints.”

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