Egg Harbor Yachts buys Silverton, Ovation assets

Posted on 16 July 2012

The assets of Silverton Marine Corp. and Ovation Yachts Corp. were sold at 1:30 p.m. Friday, according to president and chief restructuring officer John Peterson.

See Related Articles

No criminal charges in Silverton capsize

Intangible property rights (name, trademarks, etc.) and molds and tooling were sold to TF Yachts LLC, commonly known as Egg Harbor Yachts, Peterson said in an email to Soundings Trade Only.

Machinery and equipment were sold to Hilco Industrial LLC, he added.

“Practically speaking, Egg Harbor plans to move molds and tooling to their plant in [New Jersey]. Hilco will be selling off the machinery and equipment over time,” Peterson said.

Hilco specializes in industrial auctions for used machinery, according to its website.

— Reagan Haynes

Comments

I'm doing a lot of hurricane repairs. I've benn stumped trying to find the two piece rub rail used on 88 Silvertons. Any help would be appreciated. Mike 941-812-1244

Silverton makes a great boat that is accessible by many. It is a Icon of middle class success and the American dream. For it to fail after weathering years of recession (6 real years) it shows and parallels the fall of middle class in this country. I have worked in boat building in FL and been to NJ plants, now a surveyor.

With future destruction of the infrastructure of this country and harsh regulation in every part of manufacturing and business this is the result. Business needs to operate and breath to be free. The future years will get worse unless great Americans are allowed to grow and build businesses. It is domino effect in growth as it is in death of business.
Every time govt adds a rule one needs to be deleted. Shrink the rule book let business do business. Environmental laws are even worse destroying construction and maintenance of boats.

I am for any president who is pro business. In this case I am strongly for Romney. Political statement yes.. because I want to see business prosper people have money, people have larger family budgets, people buy family boats.
On a social level when people and government have more money, more money goes to social programs, arts , theater, research, development and future.

It is all tied together. If Silverton prospers again then it is is sign that the country is moving and growing. Go Silverton!

The Silverton Owners Club at www.silvertonclub.com is pleased to learn that Egg Harbor and Ira Trocki have acquired Silverton and have plans to show a boat in Florida. They have the support of the 1,800 people in the club. We look forward to establishing a relationship with Egg Harbor and their owners club as we turn the page and start the next chapter on Silverton boats.
Nyla Deputy
President of the Silverton Owners Club

I can see Dennis's point.....and he makes a VERY valid point in the ""lawsuit-happy" world that we live in. 3 out of the 4 "Related Articles" above are in regards to the tragedy on July 4th, caused NOT by the boat's builder (or any and all future owners of the brand name) but by poor seamanship. However, a sharp lawyer could try to bankrupt a new owner of Silverton, due to the appearance of their taking on any previous company's liability. (Sorry, I'm a boating safety advocate....not a lawyer, so I don't know all the leagalese words). Still, Silverton (and thus, new owner, Egg Harbor), although not at fault in this case.....is still being associated with it.

Thanks for the positive comments guys, bottom feeders, who cares..... Ive been in the boat building business 39 years & at one time worked for short time for Luhrs (John Luhrs is one of the finest gentlemen in this business) & it is so unfortunate this happened.
The boat building bussiness has had a lot of ups & downs but never has it been this deep & long. usually the weak go away quickly, but has been an endurance test for the heartest.
Many of us are working for a lot less income than we ever dreamed we would find acceptable but we do it because we believe in what we do & we enjoy what we do......we sleep well every night.
Dennis, we don't really care what you have to add to the conversation.
Best to all,
Murph

Riviera boats in Australia has made a huge recovery and great sales so the same could happen to silverton

Dennis' comment reminds me of the bottom feeder lawyer who was one of the first to respond after the Oyster Bay tragedy on 4 Jul. All sorts of "know nothings" making "nowhere man" comments about Silverton Boats being "unstable" and other unsubstantiated, and very foolish comments. The slug was just probably trolling for someone to sue. Really? Sue WHO?
I had a 1979 Silverton 34C for 10 yrs, and it provided years of pleasurable, and SAFE time on the water. Guess these types never heard of the NMMA, and standards to which ALL yachts MUST be built, by USCG Regulation. No, it's just easier to take cheap shots.
I hope Silverton survives, and the marine marketplace, where I make MY living, comes back with it.

Dennis,

I own a Silverton and our family gets a great deal of enjoyment from that vessel. And legally speaking, an asset purchase is just that, the purchase of assets, not assets and liabilities. Furthermore, this gives all present Silverton owners some chance of having a source for parts and expert advice like we enjoyed when the Luhr's Marine group owned the brand. I agree 100% with Murph, it is always great to see individual effort and a can-do spirit.

I own one of 'those Silvertons already out there' and she is long out of warranty. Silvertons have not been plagued with safety recalls, although equipment sourced elsewhere has been recalled. And since Silverton hasn't built much in the last few years, there isn't much in the way of current warranty liability either. Buyers of bankrupt companies rarely assume liabilities and burden in the base case. Most of us existing Silverton owners just want help with parts sourcing when things break, and maybe some custom or refit work from time to time. Frankly, in this bleak boating industry, I am just glad that someone had the stones to buy the assets, is considering rehiring some Silverton workers, and has a vision that SOMEDAY they will build the boats again.

Dennis, It is unfortunate our society is overburdened with shallow, negative, individuals with unqualified opinions to offer.
I prefer to think it's great that someone is making an effort to create more jobs in our suppressed marine industry, negative energy is not what we need at any time.

Hopefully Egg Harbor isn't burdened with the liability of those Silvertons that are already out there.

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