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ILGP Borrower Success Story: HydroHoist

HydroHoist is the proud originator of the hydro-pneumatic method of lifting boats.

HydroHoist, helmed by CEO and Cherokee member Mick Webber, used an Indian Affairs loan guarantee to continue its 54-year history of manufacturing, selling, and servicing boatlifts, power pedestals, and other marine-related products.

Henry Rutter, the founder of HydroHoist, patented the hydro-pneumatic system of lifting boats in 1964. It became the original boat lift manufactured and marketed by HydroHoist.

Details

Date of Commitment: February 2013Boat being lifted by hydro-pneumatic method.Type of Service: Loan GuaranteeLender: BancFirst, Claremore, OKBorrower: MCW Acquisitions LLCProject: Acquisition of HydroHoist Marine Group, Inc. and other debt obligationsFinancing Amount: $6,500,000.00Location: Claremore, OK

Description

HydroHoist, helmed by CEO and Cherokee member Mick Webber, used an Indian Affairs loan guarantee to continue its 54-year history of manufacturing, selling, and servicing boatlifts, power pedestals, and other marine-related products.

HydroHoist manufactures the polyethylene tanks and platforms for their marine products at its molding facility RotoMoldUSA. The business has established a strong reputation for quality products and service and continues to expand into other industries with custom rotational molded products such as pallets for the pharmaceutical industry.

Success has not always come easy for HydroHoist. “The marine industry was one of the first to experience a downturn in the economy during the 2007-2009 recession,” Webber said. “Strong leadership, a superior product, robust business practices, and our resilient employees allowed us to outlast the downturn and remain profitable.”

“HydroHoist is very important to our community,” Webber said. “When possible, we use local suppliers to support local businesses. That support generates revenue and additional jobs in our community. This community is where we live, work and raise our families. Our company contributes to the community both money as a corporation and time volunteering at various organizations.”

HydroHoist plans to continue providing employment and supporting families in Northeast Oklahoma and improving the recreational boating experience for its customers.

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