Grand Banks completes Newport marina acquisition
Malaysian boatbuilder Grand Banks Yachts has completed the acquisition of two properties in Newport, Rhode Island, United States, for a total consideration of US$21m.
The completion of the sale, which was first announced in March 2025, took place on 12 June 2025.
The acquired properties include a full-service marina with berthing space for up to 20 boats in the water and additional land-based storage, as well as a covered workshop, guest accommodation, support amenities and parking facilities.
Newport, Rhode Island, is an established boating hub with a historical waterfront and solid yachting infrastructure.
The agreement involved Grand Banks’ US subsidiary, Stuart Yacht Corporation, which placed a $1m deposit in escrow with the vendors: Elizabeth M. Casey, William R. Casey, Spring Wharf Marine Holdings, LLC and Casey’s Marina Inc. Shareholder approval was secured at an extraordinary general meeting held prior to completion.
A further $5m has been paid in cash from internal funds. The remaining $15m is to be paid over four annual instalments of $1.875m plus interest, followed by a fifth and final balloon payment of $7.5m plus interest. These payments will be financed through internal resources, external funding or a mix of both.
Group chief executive officer Mark Richards says: “I am very excited with this opportunity for the group. This acquisition will have immense strategic value to enhance our future sales and customer experience. The group will be able to build a stronger presence and attract new customers within the prestigious northeast region of the USA.”
Non-executive chairman Basil Chan says: “Under Mark’s leadership, we have enhanced the Group’s value proposition in boat design and quality, customer service, efficiency, financial performance and brand value. This Proposed Acquisition will be a strategic asset to enhance our continued efforts to increase shareholder value.”
The acquisition follows the recent expansion of Grand Banks’ composite manufacturing facility.
SGX Mainboard-listed Grand Banks Yachts manufactures its yachts under the Grand Banks, Eastbay and Palm Beach brands. Production is carried out at its facility in Pasir Gudang, Johor, Malaysia. The company operates sales and support services in the United States and Australia, including Stuart (Florida), San Diego (California), Newport, Sydney and Coomera. Its yacht models range between 42 and 107 feet.
The news comes after Grand Banks Marine Group appointed Lynn Fischer as its chief marketing officer in April.
Grand Banks Yachts also recently expanded to the US West Coast. In 2022, the Grand Banks group purchased the marina and service yard opposite its USA headquarters in Florida, to bolster its footprint in the US.
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