Lonsdale sells GYG for a 3x return

The firm has generated a return of 3x money and an IRR of 75%, according to a statement.

During the holding period, the company expanded its services in the new building of superyachts as well as ongoing maintenance, according to a statement.

The asset had a market capitalisation of £35.7m at the time of publication.  

Previous funding
The firm took a stake in the company in March 2016, drawing equity from Lonsdale Capital Partners LP fund, which targets SMEs in the UK and Europe with enterprise values of £10-50m and with EBITDA of up to £10m. The fund closed on £110m in April 2016.

The company was first listed on the stock exchange in July 2017 and Lonsdale made a partial exit at the time.

Company
The Palma-based company has operations across the Mediterranean area, morthern Europe and the US. The group primarily trades under the Pinmar, Pinmar Yacht Supply and Technocraft brands. It reported adjusted EBITDA of €4.5m from revenues of €63.8m in 2019. GYG was founded in 2012 through the merger of Pinmar and Rolling Stock, which were founded in 1975 and 1989, respectively.

People
Lonsdale Capital Partners – Alan Dargan (founder).
GYG – Remy Millott (CEO).

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