Lonsdale Capital backs MBO for Global Yachting Group

Lonsdale took a majority stake in the business. Following the investment, GYG intends to grow organically, developing its new-build and refit capabilities, while expanding its presence globally in shipyards through strategic acquisitions.

Speaking to unquote", a source close to the situation explained that Lonsdale locked the business some time ago but its offer was not successful. The management team arranged the deal with another investor, which tried to lower the price prior to closing the transaction. At this point the sellers came back to Lonsdale and they agreed the transaction on the initial offering.

This is the third investment in 12 months for Lonsdale Capital Partners LP fund, which targets SMEs in the UK and Europe with an enterprise value ranging in the £10-50m bracket and up to £10m of EBITDA. At the end of 2015, the vehicle reached its first closing on approximately £100m.

Company
Headquartered in Palma, Mallorca, GYG specialises in painting and maintaining superyachts. It operates across Europe and the US.

GYG was established in 2014 following the merger of two superyacht service providers Pinmar and Rolling Stock, founded in 1975 and 1989 respectively. According to the company's financial details, GYG generated €50m of revenues in 2015 and employs 300 staff full time.

People
Lonsdale Capital Partners – Alan Dargan, Ross Finegan, David Gasparro (founders).
Global Yachting Group – Remy Millott (executive chairperson); Rupert Savage (CEO); Peter Brown (COO).

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• Topics
• Buyouts
• Consumer
• Southern Europe
• UK / Ireland
• Spain