Formula Yacht Spars Ltd has acquired the business and assets of Phoenix Marine Equipment B.V. based at Blokzijl, Overijssel, Netherlands; creating Formula Yacht Spars B.V.
Chief Executive Officer of the Formula Group, Mark Merritt commented, “This is a significant acquisition; providing us with another first-class manufacturing base in Europe. The capabilities and skills of our Dutch partners are a result of nearly 20 years experience and the investment in purpose-built, quality facilities at Blokzijl, which is one of the most efficient aluminium mast factories in Europe.”
The new facility enhances Formula’s capacity to meet the requirements of all boats from 60 feet through to megayachts. The new company, Formula Yacht Spars B.V., will be a wholly-owned subsidiary within the Formula group and will benefit from the stability, management and expertise required to compete effectively in an International and increasingly growing market.
Mark continues; “The expertise and facilities required to build masts and booms for large yachts is immense and the spars built at the facility in Blokzijl can be seen on many magnificent yachts around the world. These capabilities combined with our design and engineering team credentials will now enable us to cater for a wider range of projects.”
Formula has produced spars for several America’s Cup yachts, as well as for many cruising, classic and superyachts in the last year alone. In January the company was awarded (UKTI South East England) ‘Exporter of the Year’ and has already acquired a mast builder in Southern France. Formerly owned by Black Flag the business is now known as Formula France. The acquisition of Blokzijl in the Netherlands will become a very important addition for this vibrant group.
Formula Yacht Spars Ltd has consistently grown and developed over the years as a quality business; successfully implementing its strategic policy of acquisition and growth. The Group now has specialist factories for custom Carbon structures and spars at Lymington (UK) and near Montpellier (France). The company also has superb Aluminium facilities at Burnham-on-Crouch (UK) and now at Blokzijl (Holland).