Recapitalization efforts
Since Tom Rossi took over from founder Eric Hall on 27 June 2016, Hall Spars has pursued a policy of recapitalisation of the company. The Hall Inc group combines Hall Spars & Rigging and Hall Composites, the subsidiary dedicated to non-nautical products. The rigging activity is divided between three structures, Hall USA, Hall BV (Netherlands) and Hall NZ (New Zealand), managed independently with their own management. The new management, in place since the summer, is actively working to raise funds to strengthen Hall Spars' position in the nautical sector.
Defection of a buyer
In discussion for 3 months with an investor for Hall USA, the transaction wanted by Hall Inc has failed. The potential buyer finally withdrew on 15 December 2016, one week before the agreement was signed.
Activity unchanged outside USA
Hall USA, which has just delivered a mast for the last Gunboat 78, is now idling and has closed for the holidays. Hall BV and Hall NZ will continue to operate unchanged. Hall Spars should therefore not be too affected in Europe.
Continued search for investors
In a statement, Tom Rossi says recapitalization efforts continue with determination. Hall Spars' objective is to complete operations in January 2017, in order to continue 36 years of history as a rigging and masts specialist.
