Motoring

SGX-Listed Grand Banks Yachts To Acquire Florida Marina

Grand Banks has announced that it intends to acquire the Stuart Service Yard in Florida to serve as its official United States headquarters, consolidating its presence in the world’s biggest boat market.

Feb 27, 2018 | By Yacht Style

SGX-Listed Grand Banks Yachts To Acquire Florida Marina To Serve As New United States Headquarters

Grand Banks is a name synonymous with luxury recreational motor yachts and for 60 years, it has designed and developed a portfolio of vessels that have become icons in the yachting industry across the globe.

The company is focused on heritage and continues to defy the expectations of fellow yachtsmen with their crafts that come replete with technological innovations, discerning style and a commitment to unparalleled quality. So, it comes as no surprise that Grand Banks has reached another milestone: it has announced that it intends to acquire the Stuart Service Yard in Florida to serve as its official United States headquarters, consolidating its presence in the world’s biggest boat market.

With this piece of news, the Singapore Exchange-listed luxury boat builder – “Grand Banks” – has entered into a stock purchase agreement to acquire the entire stake of Stuart Yard Corporation, which owns the property, for US$3.2 million (approximately S$4.2 million). Of this, approximately US$1.0 million will be paid up front in cash and the remainder of approximately US$2.2 million over six years.

In addition to this agreement, Mr Samuel Henry Compton, who will be re-designated as the Managing Director of Grand Banks America, will help to consolidate and run its existing Florida U.S. offices and storage under the new headquarter. This means that the marina will replace the Group’s existing rental facilities and berths, acting as a private dock and exhibition venue for its boats in the United States.

A boon to any bona fide yachtsmen, the Stuart Service Yard is strategically located in a hurricane-safe zone in Martin County, Florida, which offers attractive property and labour tax rates. What’s more, it is also 80 miles from international boat show venue Fort Lauderdale, and it is accessible from the Atlantic Ocean and Gulf of Mexico, and is within driving distance of interstate highways, resorts and other marinas.

The prestigious property offers seven berths and 12,000 sq ft of waterfront offices, shops and maintenance facilities. Aside to that, it also accommodates services, including commissioning and repair equipment such as a 50-tonne travel lift, an enclosed floating workshop, deep water docks and concrete haul-out area.

“We are excited about our renewed prospects in the U.S. The opening of Grand Banks’ new regional headquarters will not only boost the sales and popularity of our two iconic boat brands in the U.S. but also enable us to forge closer relationships with new and existing customers.” – Mr Samuel Henry Compton enthused.

Mr Mark Jonathon Richards, Chief Executive Officer of Grand Banks, opined, “The opening of our United States headquarters is an important milestone in our global growth and reinforces our status as a leading yacht brand. Florida is also the biggest boat market in the world, and the epi-centre of our American operations, making it a logical location from which to serve and grow our client base in the region.”

The transaction is subject to satisfactory due diligence and approval by the regulatory authorities. Grand Banks was listed on the Singapore Exchange Limited (“SGX”) in 1987 and upgraded to the Main Board in 1993.

For more information about Grand Banks, please visit https://grandbanks.com/our-yachts/.


 
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