Superyacht refit, repair, and maintenance company MB92 Group has signed a Heads of Terms agreement to acquire GYG Limited.
The offer documents to implement the acquisition are expected to be agreed and sent to shareholders of GYG Limited as early as October.
MB92 and GYG have worked together repeatedly on refit projects for more than 30 years and will continue to respect and develop each company’s existing partnerships.
The acquisition will mark an important step forward in the companies’ longstanding relationship.
This acquisition by MB92 Group, which has facilities in Barcelona, La Ciotat and the Red Sea, will also support both companies’ strategic vision to enhance market responsiveness and elevate client services.
GYG will continue to operate its businesses across Europe and the US, with the acquisition intended to allow GYG to strengthen its growth potential and ability to deliver quality and value to clients.
Yacht painting company
GYG is a superyacht painting, supply and maintenance company, offering services throughout the Mediterranean, Northern Europe and the USA.
The company primarily trades under the Pinmar, Pinmar Yacht Supply and Technocraft brands, operating in both the coatings (new build and refit) and supply markets.
GYG originated as Pinmar which was founded in Mallorca, Spain in 1975 as a specialist yacht painting company focused on superyachts over 40m.
The company merged with Rolling Stock in 2012 to form the Global Yachting Group.
GYG’s headquarters are in Palma de Mallorca, Spain, with hubs in Palma, Barcelona, and La Ciotat.
In the USA, GYG operates out of Savannah, Georgia, with additional centres in Fort Lauderdale and West Palm Beach, Florida.
The company also has offices in Holland and Germany.
MB92 Group is located in Barcelona and La Ciotat and is currently developing a new dedicated refit centre in the Middle East.
The company was founded in 1992 as Marina Barcelona 92 SA. Currently the Group manages around 200 projects each year on superyachts up to 180 metres in length and employees 350 personnel.
