Singapore Exchange-listed luxury boat builder Grand Banks Yachts has announced intention to acquire the Stuart Service Yard in Florida, USA, for USD3.2 million and turn it into its official US headquarters.
In a statement, Grand Banks said it has entered into a stock purchase agreement to acquire the entire stake of Stuart Yard Corporation for USD3.2 million. Of this, approximately USD1 million will be paid upfront in cash and the remainder to be paid over six years.
The company said it will consolidate its existing Florida offices and storage under the new headquarters, which will be run by Samuel Henry Compton, who will be redesignated as the managing director of Grand Banks America.
The marina will replace the group’s existing rental facilities and berths, acting as a private dock and exhibition venue for its boats in the US.
The Stuart Service Yard is strategically located in a hurricane-safe zone in Martin County, Florida, which offers attractive property and labor tax rates.
In addition to being 80 miles from international boat show venue Fort Lauderdale, it is accessible from the Atlantic Ocean and Gulf of Mexico, and is within driving distance of interstate highways, resorts and other marinas.
The property includes seven berths and 12,000 square feet of waterfront offices, shops and maintenance facilities. It also houses commissioning and repair equipment such as a 50-ton travel lift, an enclosed floating workshop, deep water docks and concrete haul-out area.
“The opening of Grand Banks’ new regional headquarters will not only boost the sales and popularity of our two iconic boat brands in the US but also enable us to forge closer relationships with new and existing customers,” Compton said.
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The transaction is subject to satisfactory due diligence and approval by the regulatory
Grand Banks manufactures yachts under the Grand Banks, Eastbay, and Palm Beach brands out of its manufacturing yards at Pasir Gudang, Johor, Malaysia, and Berkeley Vale, Sydney, Australia. – BusinessNewsAsia.com