Port of Egypt Marine in Southold sold to luxury yacht maker Hinckley

The Port of Egypt Marine, a marina and boat dealership that has operated in Southold for nearly 80 years, has been purchased by a high-end yacht manufacturer new to the Long Island market.

The Hinckley Company, a Portsmouth, Rhode Island-based maker of custom luxury yachts, announced Tuesday that the company had acquired the local family-operated marina and has plans to upgrade the business’ boat service and repair operations. Hinckley, which manufactures about 30 boats a year to order, sells its vessels for more than $1.5 million for newer models, according to the company and its website.

The Port of Egypt, located at 62300 Main Rd., has been owned and operated by the Lieblein family since 1946 when brothers William Sr., Herb and Herman Lieblein purchased a fishing station along Southold Bay, according to the marina’s website. The terms of the sale were not disclosed. 

"In Hinckley, we found a partner who truly understands what makes Port of Egypt special," Will and Yvonne Lieblein, co-general managers and owners of the port said in a joint statement Tuesday.

Officials with Hinckley said the Liebleins will retain positions within the marina’s management.

"Their commitment to craftsmanship, stewardship, and service reflects the values we have upheld here over eight decades and gives us great confidence in what comes next," the Liebleins said. "We are proud of what we’ve built, and excited to see it thoughtfully enhanced and carried forward."

Officials with Hinckley said the company does not plan to make any changes this season to the marina’s current staff of 16, its heated pool, cabana or dockside restaurant, A Lure Chowder House & Oysteria, or the marina's 132 rental boat slips and their rental rates.

The company is planning to convert a 24,000-square-foot storage facility at the marina into a heated, year-round storage structure that will help with yacht maintenance. 

"As we continue to grow our service capabilities, our focus is on marinas where legacy, craftsmanship, and care already run deep," Gavin McClintock, CEO of Hinckley said in a statement. "The foundation built by the Lieblein family will remain at the heart of what comes next, and we are proud to carry that legacy forward."

Local marine industry experts said Hinckley’s arrival in the market brings a new entrant into an industry that has experienced a great deal of consolidation in the past two decades.

"Over the years you have seen some bigger companies ... come along to purchase marinas to be a part of their portfolio," said Chris Squeri, executive director of the New York Marine Trades Association, a regional industry trade group. "It’s part of a trend we’ve seen over the last 20 to 25 years."

Squeri said between the increasing costs of maintaining marinas, fewer registered boats and the challenges of keeping multigenerational family businesses going, larger companies and investors in the marina industry have been entering the space. 

"Some of it has been good for the industry, some of it not good for the industry," he said. "Each situation is different."

Overall, Squeri said, its good news for the boating community that Port of Egypt will remain a marina. 

With the purchase, Hinckley's East Coast network of marinas offering boat service and storage has increased to 10 facilities, the company said. 

As part of the deal, Grady-White, a popular boat brand that Port of Egypt has long sold out of the marina’s dealership operation, has been moved over to Mattituck marinas owned by longtime competitor Strong’s Marine.

"We’ve always had a great relationship with the Lieblein family," said Jeff Strong, president and chairman of family-owned Strong’s Marine. "While we were competitors, we were always friendly and supportive competitors."

Strong, whose family business dates to 1945 and employs 200 full- and part-time workers across several Long Island facilities in both counties, said the business has been a dealer for Grady-White since 2016. The new opportunity to sell the vessels from Mattituck represents a great opportunity, he said.

"For us, we’re just happy it’s staying a boating facility and not being turned into something that’s not a boating facility," Strong said.