Global Yachting Group (GYG), the parent company of Pinmar and Rolling Stock, has secured management buyout support from Lonsdale Capital Partners, a UK-based equity firm. The value of the buyout has not been disclosed.

GYG’s management team is led by executive chairman Remy Millott, CEO Rupert Savage, and COO Peter Brown, who will each make a significant investment in the business alongside majority stakeholder Lonsdale.

Alan Dargan, founder of Lonsdale Capital Partners, comments: “We invested in the Global Yachting Group because it has an experienced and proven management team, the sector is growing fast and the business is the leader in its field. We will support the group’s continued strong growth and look forward to working with Remy, Rupert and their team.”

Headquartered in Palma, Mallorca, GYG specialises in painting and maintaining superyachts, and operates across Europe and the United States.

GYG was formed following the merger in 2014 of Pinmar and Rolling Stock. The group has seen strong growth to date, with revenues rising from c. €35 million in 2013 to c. €50m in 2015, an increase of approximately 40% over the past two years.

This investment in GYG comes at a time when the number of superyachts on the water continues to grow, in line with the increasing number of billionaires.

In 2015, there were approximately 5,200 superyachts in operation and the fleet is expected to rise some 15% to 6,000 by 2020, according to Superyacht Intelligence. The number of billionaires is also expected to rise by over 30%, from 1,700 in 2015, to 2,500 in 2020 according to a UBS’ report.

With Lonsdale’s investment and wider support, GYG intends to grow organically and through acquisition, developing its new build and refit capabilities, as well as its presence in the world’s premier shipyards.

“Our goal is to take the Global Yachting Group from being the world’s leading provider of painting services to superyachts and establishing it as the largest service company in the world for the superyacht industry. We are excited to have Lonsdale Capital Partners behind our ambitious growth strategy,” comments Remy Millott.