MB92 Group acquires superyacht painter Pinmar
Leading superyacht refit, repair, and maintenance company MB92 Group has bought GYG Ltd., the superyacht painting, service and supply company that trades under the Pinmar, Pinmar Yacht Supply and Technocraft brands. MB92 reports that all brands will continue to operate independently across Europe and the US.
News of negotiations relating to the potential buyout was first released in September 2024. The acquisition is part of MB92’s strategic development plan as it grows through consolidation. The transaction closed on 31 December 2024.
MB92’s acquisition of GYG follows other strategic developments for the group including MB92 taking over the Golfe-Juan shipyard in the South of France in October 2024.
Pepe García-Aubert, chairman of MB92 Group, says: “We are honoured to welcome GYG to the MB92 Group. Over the past 30 years, our collaboration has been rooted in shared values, mutual respect, and a dedication to delivering excellence for our clients. Moving forward, we aim to build on this strong foundation, sharing knowledge and expertise to enhance our services while advancing sustainability and innovation initiatives that benefit the wider superyacht community.”
MB92 will continue to collaborate with a range of providers, giving clients the flexibility to work with their preferred partners while benefitting from MB92’s extensive expertise, developed through managing over ten large-scale paint projects annually across the group.
Remy Millott, CEO of GYG, comments: “This is an exciting new chapter for our company. With MB92’s support, we are well-positioned to continue delivering the high-quality standards our clients expect while exploring opportunities for future growth. Together, we can further optimise operations, elevate the level of service, and continue to advance in areas such as paint application, project planning and digitalisation, ensuring we remain at the forefront of the industry.”
European focused private equity firm, Squircle Capital, manages the fund that owns the MB92 Group. John Nery, managing partner and head of investments at Squircle, says: “The acquisition of GYG reinforces our commitment to continue supporting excellence and innovation in the superyacht sector. With access to MB92’s strong financial resources, GYG will enhance its operational and strategic capacities, paving the way for new growth opportunities.”
