Squircle Capital acquires superyacht refit, repair and maintenance group MB92
Sep 26, 2019
Thu, 26/09/2019 - 09:47
Squircle Capital, a European alternative investment firm focused on private equity and real estate value-add investments, has acquired 77.5 per cent of Marina Barcelona 92 (MB92). The deal includes the 65 per cent stake from the Turkish conglomerate Dogus and a 12.5 per cent stake from minority shareholders. The transaction, which has been approved by the Barcelona Port Authority, is expected to close, subject to customary closing conditions, within the coming weeks. MB92 is widely recognised as the a leading player within the refit industry, having consolidated its market position by expanding its operations and client base in recent years. In 2017, the company acquired Compositeworks and Blohm+Voss La Ciotat, two companies operating in La Ciotat (France) which merged last year under the name MB92 La Ciotat. MB92 also recently completed construction of the largest dedicated superyacht shiplift platform in the world. The 4,800t shiplift was added to the company’s unparalleled facilities which comply with the highest quality standards in terms of project delivery and environmental sustainability. The group, led by Pepe García-Aubert, is entering a new chapter of growth in which Squircle Capital will support management’s efforts to strengthen its position on a global level. This important next phase commenced in August with the launching of the world’s largest 4,800-ton superyacht lift in Barcelona. José Caireta, founding partner at Squircle Capital, says: “In just a few years, MB92 has managed to carve out a unique position, not only as a leader within the sector but also as an exemplary provider of refit, repair and maintenance services for superyachts. MB92, alongside other businesses within the port of Barcelona such as One Ocean Port Vell, continues to contribute to Barcelona’s positioning as an all services marine and ports cluster. As private equity managers, it is refreshing to find a leading industry player with local roots, a global reach and significant room for further growth.”
John Nery, head of investments at the firm, added: “MB92 is well-positioned to capitalise on the positive long-term sector fundamentals notwithstanding political uncertainty or stagnating macro indicators. Given the specialist nature of the sector and high barriers to entry, we see an opportunity to create value, not only through organic growth and operational improvements but also through wider industry dynamics and a shift towards consolidation.”
The transaction entails the acquisition of MB92 Barcelona, the parent company of the group, which also includes a 75 per cent stake in MB92 La Ciotat. With this acquisition, Squircle Capital further proves its ability to identify attractive investment opportunities in the ever-growing port of Barcelona whilst adding to an existing portfolio of solid mid-market companies and unique real estate assets across several European countries.