MB92 in Advanced Negotiations to Acquire GYG Limited

MB92 Group, one of the world’s leading superyacht refit, repair, and maintenance companies, announced today that it has signed a Heads of Terms agreement to acquire GYG Limited, a superyacht painting, service and supply company which primarily trades under the Pinmar, Pinmar Yacht Supply and Technocraft brands.

The offer documents to implement the acquisition are expected to be agreed and sent to shareholders of GYG Limited as early as October, marking an important step in a longstanding relationship between the two companies. MB92 and GYG have worked together repeatedly on refit projects for over 30 years and will continue to respect and develop each company’s existing partnerships.

This acquisition by MB92 Group, which has facilities in Barcelona, La Ciotat and the Red Sea, supports both companies’ strategic vision to enhance market responsiveness and elevate client services. In a sector that demands the highest quality standards, GYG will continue to operate its businesses across Europe and the U.S., and the combination will allow GYG to meaningfully strengthen its growth potential and ability to deliver exceptional quality and value to clients.

About GYG

GYG Limited is a market leading superyacht painting, supply and maintenance company, offering services throughout the Mediterranean, Northern Europe and the USA. The Company primarily trades under the Pinmar, Pinmar Yacht Supply and Technocraft brands, operating in both the Coatings (New Build and Refit) and Supply markets.

Pinmar was founded in Mallorca, Spain in 1975 as a specialist yacht painting company focused on the new breed of superyachts over 40m. After merging with Rolling Stock in 2012 to form the Global Yachting Group, the Company was listed on the London Stock Exchange’s AIM market in 2017 as GYG plc. In September 2022, the Company delisted from the AIM market and re-registered as a private limited company under its current name.

Over nearly five decades, GYG has expanded its footprint to key superyacht refit locations in Europe and the USA while forging partnerships with prominent New Build shipyards. The Pinmar brand is now synonymous with premium quality, establishing itself as a market leader in superyacht painting. The company is known for pioneering innovations in superyacht painting and has developed the Pinmar Standard, a globally recognized paint quality metric introduced in 2011.

Through Pinmar Yacht Supply, GYG offers a multi-channel yacht chandlery service for the global superyacht fleet. GYG’s Technocraft brand provides bespoke scaffolding containment systems and hardware removal and repair services, essential to the superyacht refit process. This enables GYG to deliver a comprehensive turnkey solution for superyacht projects.

GYG’s headquarters are in Palma de Mallorca, Spain, with key operational hubs in Palma, Barcelona, and La Ciotat. In the USA, GYG operates out of Savannah, Georgia, with additional centres in Fort Lauderdale and West Palm Beach, Florida. The Company also has offices in Holland and Germany, ensuring a strong presence in Northern Europe’s major New Build market.