Superyacht refit and repair player MB92 has entered into advanced negotiations to acquire GYG Limited, which specialises in superyacht painting and related services. This comes after a Heads of Terms agreement has been signed. 

Operating under the Pinmar, Pinmar Yacht Supply and Technocraft brands, GYG Limited has collaborated with MB92 on refit projects for over three decades. The offer is expected to be agreed upon and sent to GYG’s shareholders by October.

The potential acquisition aims to enhance market responsiveness and improve client services in the superyacht sector. If and when the deal is completed, GYG will continue to operate its businesses across Europe and the US.

With facilities in Barcelona, La Ciotat, and the Red Sea, MB92 has stated that both companies will continue to respect and develop their existing partnerships in the industry, reflecting the ongoing consolidation and evolution in the refit and repair sector. 

The group is renowned for its sustainability efforts and its report detailing the need for greater regulation and cooperation across the superyacht industry to drive sustainability. Earlier this year,  MB92 and Pinmar joined forces to build a new plastic recycling centre in collaboration with the Barcelona Port Authority.

The MB92 Barcelona location is currently the preferred shipyard for those superyachts attending the America’s Cup competition and are currently serving as a base for the New York Yacht Club American Magic challenger team.

Image courtesy of MB92 Group.

The post MB92 to acquire superyacht paint specialist GYG Limited  appeared first on Marine Industry News.