MB92 Group in Advanced Negotiations to Acquire GYG Limited
MB92 Group, one of the world’s leading superyacht refit, repair, and maintenance companies, announced today that it has signed a Heads of Terms agreement to acquire GYG Limited, a superyacht painting, service and supply company which primarily trades under the Pinmar, Pinmar Yacht Supply and Technocraft brands.
The offer documents to implement the acquisition are expected to be agreed and sent to shareholders of GYG Limited as early as October, marking an important step in a longstanding relationship between the two companies. MB92 and GYG have worked together repeatedly on refit projects for over 30 years and will continue to respect and develop each company’s existing partnerships.
This acquisition by MB92 Group, which has facilities in Barcelona, La Ciotat and the Red Sea, supports both companies’ strategic vision to enhance market responsiveness and elevate client services. In a sector that demands the highest quality standards, GYG will continue to operate its businesses across Europe and the U.S., and the combination will allow GYG to meaningfully strengthen its growth potential and ability to deliver exceptional quality and value to clients.
About MB92 Group
MB92 Group is an internationally renowned specialist in the field of superyacht maintenance, refit and repair, managing state-of-the-art shipyards strategically located in Barcelona and La Ciotat, and is currently developing a new dedicated refit centre in the Middle East.
Founded in 1992 as Marina Barcelona 92 SA, the Group manages approximately 200 projects each year on superyachts up to 180 metres in length and has a growing workforce of 350 employees.
Projects are led by an experienced project management team supported by leading in-house technical knowledge and a global network of suppliers. Together, they bring passion, determination and expertise to each project to deliver on time and on budget.
MB92’s approach centres around proactive investment in people and facilities, aimed at continually adding value for their clients and communities. The Group strives to deliver excellence in superyacht refit and maintenance worldwide by listening, learning and innovating to grow its business sustainably and develop solutions that provide a positive impact for the superyacht industry.
In 2023, MB92 Group launched “Refit for the Future!”, the world’s first dedicated sustainability refit service tailored for superyacht owners looking to reduce the environmental impact of their yachts, reduce operating and financing costs, and protect re-sale value.
Squircle Capital, an established and innovative pan-European private equity firm with a demonstrable track record of transforming assets through thoughtful vision and purposeful management, has been the main shareholder since 2019.