Grand Banks Yachts to acquire Newport marina for $21m
Grand Banks Yachts, a Malaysian boatbuilder listed on the Singapore stock exchange, has entered into a sale and purchase agreement to acquire two properties in Newport, Rhode Island, United States, from Casey’s Marina and related parties for US$21m.
According to its website, Casey’s Marina lists 128 Long Wharf and 1 Spring Wharf as its addresses.
The properties include a full-service marina, a covered workshop, boat storage space, guest accommodation, supporting amenities and parking areas. The marina can accommodate up to 20 boats in the water, with additional capacity on land.
In a statement issued yesterday (25 March 2025), Grand Banks says the acquisition is intended to expand the group’s presence in its primary market, the United States, and support long-term sales of Grand Banks and Palm Beach Motor Yachts. Newport, Rhode Island, is a well-known boating destination with a historic waterfront and established yachting facilities.
Grand Banks’ US subsidiary, Stuart Yacht Corporation, has placed a total deposit of US$1m in escrow following the agreement with vendors Elizabeth M. Casey, William R. Casey, Spring Wharf Marine Holdings, LLC and Casey’s Marina Inc.
Completion of the acquisition is subject to due diligence and shareholder approval at an upcoming meeting. Upon completion, the group will make an additional payment of US$5m in cash, bringing the total immediate payment to US$6m, funded through internal resources. The remaining US$15m will be paid over four annual instalments of US$1.875m plus interest, with a final balloon payment of US$7.5m plus interest in the fifth instalment. The group intends to finance these payments through internal resources, external funding or a combination of both.
Mark Richards, chief executive officer, 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 North East region of the USA.”
Basil Chan, non-executive chairman, adds: “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.”
Grand Banks Yachts builds vessels under the Grand Banks, Eastbay and Palm Beach brands at its facility in Pasir Gudang, Johor, Malaysia. It operates new boat sales, brokerage and support services from its locations in Stuart, Florida, and San Diego, California, USA, as well as Newport, Sydney, New South Wales, and Coomera, Queensland, Australia.
Grand Banks was listed on the SGX Sesdaq in 1987 and moved to the SGX Main Board in 1993.
