Nordic Buys Hallett!!

[wsuwrhr]

If I count how many times change effected my income , I would of shot myself. It's a sucky deal about the employees that are effected, the only thing you can do is move on and make the best of it.
[emoji202] everyone has choices

If I count how many times change effected my income , I would of shot myself. It's a sucky deal about the employees that are effected, the only thing you can do is move on and make the best of it.
[emoji202] everyone has choices

Uh oh.

Loud and Clear Milfy.

 

[Q4mtxUS]

Hi, Rob here....jus thought I'd "crap" in for a bit.

Congrats to Nordic on the acquisition of Hallett and also saddened for those that will be affected by this.

With that, I'm reading here that the Vector is available to build, and the 240 mold "may" be resurrected, the 340 mold is intact form my understanding and ready for a customer but what about the big ol' 540? Is that mold still in the Hallett line up? I don't know how many were built, but wadda monster. Just wondering...RB

 

[Hammer]

I definitely agree there, Dave.
Any chance they extend an offer of some kind to him? Sales or?
I think their laminators got hosed too.
They're old enough they probably don't want to move.

Maybe you and the guys should reach out to RPM and build their hulls? They are new to the so cal market

 

[Ziggy]

Besides its DB you gotta watch out for :eek. She has all the balls [emoji14]

And married to an Accountant.[emoji23] [emoji23]

 

[Ziggy]

Does that mean Nordic has absorbed any hull warranty on boats that were under warranty a month ago?

That's one hell of a good question.. Honestly I wouldn't think so, but knowing how stand up Thane and the Nordic guys are if someone did actually have a problem I'd wager they'd fix it. They go out of their way to make sure their customers are happy.

Overall Hallett does great work, so I wouldn't think you'd have any hull problems from mfg defects etc..

RD

Many times in sales like this the buyer inherets liabilities along with all the assets.

 

[Gelcoater]

And married to an Accountant.[emoji23] [emoji23]

:eek

 

[RiverDave]

Many times in sales like this the buyer inherets liabilities along with all the assets.

Nice! Hallett still owes me a little over a grand.. I'll make sure I send that over to a Thane and Randy and see how far it gets me.

 

[Ziggy]

Sorry Dennis, but I take exception to that. It absolutely affects me.
And while most of them aren't here in RDP it also affects a hand full of people's lives.
At least it happened far enough away from Christmas to not be a huge bummer.

You're affect by whatever the sale price is?
I get you're affected by the sale but the sale price has zero bearing on you.

 

[Gelcoater]

Nice! Hallett still owes me a little over a grand.. I'll make sure I send that over to a Thane and Randy and see how far it gets me.

Jerry told me I could have the yellow wood decker one day as a bonus!

:boo:

 

[Gelcoater]

You're affect by whatever the sale price is?
I get you're affected by the sale but the sale price has zero bearing on you.

Thanks Zig, I got it.:thumbsup

 

[RiverDave]

Jerry told me I could have the yellow wood decker one day as a bonus!

:boo:

There's a number of people interested in purchasing that boat right now..

RD

 

[Ziggy]

Thanks Zig, I got it.:thumbsup

Sorry man, I should have read a few more pages before replying[emoji12]

 

[JD D05]

Hey zig you taking your dick boat in for a full teek floor?

 

[Gelcoater]

Hey zig you taking your dick boat in for a full teek floor?

 

[redone76]

We will see..

Thought you were doing a full write up on this for the forum? 2 weeks?

 

[RiverDave]

Thought you were doing a full write up on this for the forum? 2 weeks?

Writing it right now actually..

 

[Gelcoater]

I heard $300k after all said and done. Hallett's old accountant is also the accountant for a buddies company.

I guess I missed this little gem.
I wonder if he's the same guy that forgot to send me a 1099 a year or two ago? :grumble:


I hope he joins here and doesn't know the secret shake so Shintoooo can ban him back to the stone ages.:thumbsup

 

[Hallett1974]

Jerry told me I could have the yellow wood decker one day as a bonus!

:boo:

Lucky!!!

 

[Hallett1974]

​

That Yellow Wood Decker is badass. Would love to own a Hallett flat bottom.

 

[Hallett1974]

Writing it right now actually..

Can't wait to read it.

 

[Classic Daycruiser]

Can't wait to read it.

It starts on page one.

 

[Hallett1974]

It starts on page one.

Thanks for the heads up lol.

 

[redone76]

Writing it right now actually..

Cool...:thumbup:

 

[milkmoney]

Why would someone text you to tell you not to say something?

RD

No comment. Like when did u know me not to let someone tell me what to say
Please player. Lol
[emoji202]

 

[530RL]

Many times in sales like this the buyer inherets liabilities along with all the assets.

I would think knowing that the Nordic owners are fairly sophisticated, they did an asset purchase leaving the old entity behind as well as the liabilities.

It would be fairly rare for a sophisticated buyer to buy the entity as opposed to purchasing the net assets into a new entity cutting off the tail liability.

 

[RiverDave]

That Yellow Wood Decker is badass. Would love to own a Hallett flat bottom.

The yellow flat bottom is actually in the showroom at Nordic now. Just got some pictures of it texted to me.

Can't wait to read it.

Most of it is already in this thread if you read closely and between some of the lines. LOL But none the less I have to write articles so it's written up and ready to go. Just uploading some pics now.

RD

 

[RiverDave]

By the way someone was asking about the 540 earlier in the thread. That mold actually did not belong to Hallett, but rather Ron Pratte. Ron and Randy have been talking and have struck some kind of deal (I'm not privy to the details yet) but the mold will be moving to Lake Havasu at some point in the near future.

RD

 

[Racey]

By the way someone was asking about the 540 earlier in the thread. That mold actually did not belong to Hallett, but rather Ron Pratte. Ron and Randy have been talking and have struck some kind of deal (I'm not privy to the details yet) but the mold will be moving to Lake Havasu at some point in the near future.

RD

I've ridden in Herbst's, the thing is pretty badass. Makes the ideal "Catalina Express".

 

[l84theriv]

Great write up RD!:thumbup:

 

[Ziggy]

Hey zig you taking your dick boat in for a full teek floor?

[emoji4]
Nah[emoji39]

 

[ChumpChange]

Does that mean Nordic has absorbed any hull warranty on boats that were under warranty a month ago?

7 Figures??? I'd imagine that is a highly inflated price for the sake of a good story. If they indeed did pay 7 figures, Hallett better frickin RUN to the bank and get that money.

I would think knowing that the Nordic owners are fairly sophisticated, they did an asset purchase leaving the old entity behind as well as the liabilities.

It would be fairly rare for a sophisticated buyer to buy the entity as opposed to purchasing the net assets into a new entity cutting off the tail liability.

It's fun to see who "thanks" actual insightful posts. Bankers and other business owners.

 

[Hammer]

I've ridden in Herbst's, the thing is pretty badass. Makes the ideal "Catalina Express".

Any pics of said 540? I did not know one existed.

 

[hallett21]

 

[River Lynchmob]

Any pics of said 540? I did not know one existed.

2 exist...Pratt's and Herbst's

 

[Racey]

2 exist...Pratt's and Herbst's

Did Pratt's ever get finished? They were originally putting triples in that one right? God that had to be 15 years ago at least.

 

[l84theriv]

Are we talking the same Pratte with the huge car collection and he has a house.....compound actually that backs up to Glamis in Gordon wells??

 

[LargeOrangeFont]

Are we talking the same Pratte with the huge car collection and he has a house.....compound actually that backs up to Glamis in Gordon wells??

Yep.

 

[Gelcoater]

Any pics of said 540? I did not know one existed.

I know the molds existed(I believe Thane tooled them?) , and a red boat came out of it.
The molds sat there at the glass shop for years.
One day, they were gone. Don't know what happened to them, didn't ask, none of my buisness.

 

[Cole Trickle]

Google Hallett 540....there are pics and a video on YouTube.

I have seen it at the herbst dock down in Newport years and years back. Not sure if it's still there but she's a monster.

 

[hallett21]

Herbst one has anersons right?

 

[twocents]

The all red Herbst 540 has Arneson drives and twin diesel engines. A beautiful boat that performs extremely well. I shot the aerial photos and video of the red 540 that Hallett used in its brochures offshore between Newport Beach and Oceanside. As for the Pratt 540, I don't believe it was ever completed -- it originally had three Paul Pfaff blower motors. That 540 started out as a conventional full cabin boat like the Herbst boat, but a change of plan happened later and it was converted into a giant open bow.

 

[OldSchoolBoats]

Does that mean Nordic has absorbed any hull warranty on boats that were under warranty a month ago?

That's one hell of a good question.. Honestly I wouldn't think so, but knowing how stand up Thane and the Nordic guys are if someone did actually have a problem I'd wager they'd fix it. They go out of their way to make sure their customers are happy.

Overall Hallett does great work, so I wouldn't think you'd have any hull problems from mfg defects etc..

RD

I can guarantee you that current boats under warranty was something addressed in the negotiations and part of the deal includes Nordic absorbing those Warrantys. In most business deals of this nature there is typically money set aside for a period of time to cover any indemnity.

 

[RiverDave]

I can guarantee you that current boats under warranty was something addressed in the negotiations and part of the deal includes Nordic absorbing those Warrantys. In most business deals of this nature there is typically money set aside for a period of time to cover any indemnity.

I actually asked Randy about this yesterday and Nordic isn't responsible.. that all said there shouldn't be any issues, but if their was I believe they'd fix them.

 

[OldSchoolBoats]

I actually asked Randy about this yesterday and Nordic isn't responsible.. that all said there shouldn't be any issues, but if their was I believe they'd fix them.

Gotcha. Like I said, sometimes in business deals money gets held back from the seller for a period of time for indemnity.

Nordic may end up doing the warranty work, but the costs for that work would come from the indemnity fund. I don't know the intricate details of their deal, but I would be willing to bet they have some protections set up like that.

Current warranties are a big part of the valuation, IMO.

 

[hallett21]

I actually asked Randy about this yesterday and Nordic isn't responsible.. that all said there shouldn't be any issues, but if their was I believe they'd fix them.

I figured that was the case. Why take on a liability if you don't have to.

Now if there was a defect (doubt there will be) and Nordic handles it they look 100 times better than if they were just covering standard warranty work.

 

[Singleton]

Gotcha. Like I said, sometimes in business deals money gets held back from the seller for a period of time for indemnity.

Nordic may end up doing the warranty work, but the costs for that work would come from the indemnity fund. I don't know the intricate details of their deal, but I would be willing to bet they have some protections set up like that.

Current warranties are a big part of the valuation, IMO.

If anyone with a Hallett has a hull issue and the hull is still under warranty, they will have to file a claim against the original warranty that was issued. Not sure what the warranties are these days, but back when I purchased I had a 1 year bow to stern and a 7 year hull warranty.
The process is a PIA, so I bet Nordic steps up and fixes any hull issues.

 

[RiverDave]

The 40 and the Vector molds are en route!

 

[River Lynchmob]

I wonder who will be the first person to build a Hallett under Nordic's supervision? Not complete one already underway but brand new from design to water.

 

[BHC Vic]

I wonder who will be the first person to build a Hallett under Nordic's supervision? Not complete one already underway but brand new from design to water.

River Dave. The schiada is for sale 😎

 

[LargeOrangeFont]

River Dave. The schiada is for sale 

Will he order a Halldic or a Nordlett?