The Mallorca-based superyacht service specialist says the acquisition of the French refit yard is part of its strategic growth plans.
The Global Yachting Group (GYG), a Mallorca-based superyacht service specialist, has announced the acquisition of a majority stake in ACA Marine. The move is part of GYG’s strategic growth plans. Financial terms were not disclosed.
GYG is the parent of Pinmar, Pinmar USA, Rolling Stock, Pinmar Supply and Techno Craft. ACA Marine is a leading French superyacht finishing company founded in 1997 by Chris Atkinson.
ACA Marine’s La Rochelle facility will continue to be managed by Atkinson and fellow director Nick Carter, who will remain as executive directors and shareholders. The company employs more than 180 technicians in shipyards in France, Germany, Holland and the UK.
Atkinson says that the acquisition would allow ACA Marine to “compete more effectively” in the refit and new-build sectors, while retaining its strong international reputation. “We have developed a strong market niche for ACA Marine which we will continue to operate from within the GYG portfolio,” Atkinson explains. “With the strong financial backing of GYG and the access to additional technology and resources, I foresee a very exciting future for ACA Marine.”
GYG has reported that with its Pinmar and Rolling Stock brands the firm has established its position as the world’s leading specialist yacht painting and finishing company.
GYG is headquartered in Mallorca, with a large operation in Barcelona. In March 2016, the company received private equity investment from Lonsdale Capital Partners. Since then, it has undertaken an “ambitious” strategy to grow its core European new-build and refit markets.
“This is a very important acquisition for GYG as it will significantly improve our European market presence especially in the French refit market,” says Remy Millott, GYG executive chairman, in the statement. “Chris and Nick have built a very successful business. They run a very tight ship and are very highly regarded in the industry.”
MIllott notes that ACA Marine would operate as an independent business unit within GYG. Carter will become managing director and Atkinson will be the technical and commercial director.
According to Rupert Savage, CEO of the GYG Group, his company recognizes the value of the ACA Marine business. “Our mission is to work with Chris and Nick to help facilitate the profitable growth of the business, offering our clients industry-leading companies in strategic locations, which will improve the quality and capacity of our services,” says Savage in the statement.