About CompositeWorks

France

CompositeWorks

The 30.5-metre <a data-gid="gid://syiq/Company/5474" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="CompositeWorks (Company)">CompositeWorks</a> catamaran <a data-gid="gid://syiq/Yacht/4771" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Allures30.5m (100'1&quot;)CompositeWorks2006">Allures</a> has entered the market. The <a href="https://www.superyachttimes.com/yachts/for-sale" rel="noopener noreferrer" target="_blank" title="">yacht for sale</a> is represented by David Legrand of <a data-gid="gid://syiq/Company/158" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Fraser (Company)">Fraser</a>.<img src="https://photo-assets.superyachttimes.com/photo/81804/image/large-b0c60599511d6365cd31a5164f927ceb.jpg" data-gid="gid://syiq/Photo/81804">The <a href="https://www.superyachttimes.com/yachts/sailing/for-sale" rel="noopener noreferrer" target="_blank" title="">sailing yacht for sale</a> displays naval architecture penned by <a data-gid="gid://syiq/Company/2283" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Coste Design (Company)">Coste Design</a> and <a data-gid="gid://syiq/Company/2414" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Brilliant Boats (Company)">Brilliant Boats</a>, while her custom interior is the work of F. Delabarre. Up to eight guests can be accommodated across the yacht’s four sumptuous staterooms, taken care of by a crew of five.<img src="https://photo-assets.superyachttimes.com/photo/298603/image/large-b8a213ee6c2fa54bd3b902b94e77e197.jpg" data-gid="gid://syiq/Photo/298603"><img src="https://photo-assets.superyachttimes.com/photo/298602/image/large-9a3b83dcf83ced119d50a67514d51490.png" data-gid="gid://syiq/Photo/298602">The <a href="https://www.superyachttimes.com/yachts/allures/for-sale" rel="noopener noreferrer" target="_blank" title="">yacht Allures for sale</a> houses a sophisticated saloon, featuring rich mahogany and fig wood wall panelling. The saloon showcases an Italian-inspired aesthetic, displaying a large leather L-shaped sofa, surrounding an angular coffee table, blending traditional design elements with contemporary motifs. <img src="https://photo-assets.superyachttimes.com/photo/298605/image/large-10e3335d0b88763b230234c5865e4005.jpg" data-gid="gid://syiq/Photo/298605"><img src="https://photo-assets.superyachttimes.com/photo/298607/image/large-700e79473feab18f5e116cb24097be37.jpg" data-gid="gid://syiq/Photo/298607"><img src="https://photo-assets.superyachttimes.com/photo/298604/image/large-046ed2171ad7433f86cebc5ca3c210c1.png" data-gid="gid://syiq/Photo/298604"><a data-gid="gid://syiq/Yacht/4771" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Allures30.5m (100'1&quot;)CompositeWorks2006">Allures</a> also displays a dedicated dining area situated on the main deck overlooking the sea, a circular lacquered dining table, equipped with plenty of seating serves as the ideal spot to host formal dinner parties onboard.<img src="https://photo-assets.superyachttimes.com/photo/298608/image/large-acbc8b179e0131d2561e48ea34889717.jpg" data-gid="gid://syiq/Photo/298608">In terms of accommodation, the sailing yacht has a large master stateroom, two double guests staterooms and two convertible twin staterooms to aft. The owner’s stateroom showcases light blue furnishings, a dedicated study area and ocean-inspired art wall hangings. Neutral tones complement plush, pastel blue furnishings across the guest staterooms, creating a warm ambiance onboard.<img src="https://photo-assets.superyachttimes.com/photo/298600/image/large-f72cc68ecf1d3136575eb7336442c57d.png" data-gid="gid://syiq/Photo/298600"><img src="https://photo-assets.superyachttimes.com/photo/298610/image/large-43bd231d0616aebafe9e90495aeea1e0.jpg" data-gid="gid://syiq/Photo/298610"><img src="https://photo-assets.superyachttimes.com/photo/298611/image/large-fcf1b2c5ec685598456eac4451ac3feb.jpg" data-gid="gid://syiq/Photo/298611">The <a href="https://www.superyachttimes.com/yachts/compositeworks-france/for-sale" rel="noopener noreferrer" target="_blank" title="">CompositeWorks yacht for sale</a> features both a carbon fibre hull and superstructure and showcases an abundance of space across her exterior. Guests can enjoy alfresco dining or soak up the sun from the comfort of plush oversized sunpads.<img src="https://photo-assets.superyachttimes.com/photo/298612/image/large-ace936fa18db3bb90e859684b86ae388.png" data-gid="gid://syiq/Photo/298612"><img src="https://photo-assets.superyachttimes.com/photo/298614/image/large-ba2a68f9695d824ac655401d62c6dd44.png" data-gid="gid://syiq/Photo/298614">In terms of performance, <a data-gid="gid://syiq/Yacht/4771" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Allures30.5m (100'1&quot;)CompositeWorks2006">Allures</a> features twin <a data-gid="gid://syiq/Company/1483" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Cummins Inc. (Company)">Cummins</a> engines and can reach a top speed of up to 25 knots, sailing at speeds of 20 knots in normal conditions.

catamaran Allures enters the market 

The 31m CompositeWorks catamaran Allures has entered the market. The yacht is represented by David Legrand of Fraser.

31m carbon fibre catamaran Allures enters the market 

From concept to completion, the new 4,300-tonne shiplift at <a data-gid="gid://syiq/Company/547" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 La Ciotat (Company)">MB92 La Ciotat</a> was four years in the making at a cost of at least €70 million. A truly international venture, the project brought together contractors from half a dozen countries to resolve the many logistical, engineering and environmental challenges. We take a closer look at how it was done.<img src="https://photo-assets.superyachttimes.com/photo/261587/image/large-039002e970e80a7ca246214bed1d7e09.jpg" data-gid="gid://syiq/Photo/261587">It is difficult to appreciate the sheer scale of the new shiplift in <a data-gid="gid://syiq/Company/547" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 La Ciotat (Company)">La Ciotat</a> unless you’re standing on top of it. The platform itself is 100 metres long, 20 metres wide, 2.7 metres deep and weighs 1,100 tonnes. It is now open for business, but the total redeveloped area covers 40,000 square metres and construction work continues on the peripheral infrastructures.The design and construction of a shiplift is composed of four principal activities: civil works, lift and transfer systems, platform fabrication, and installation followed by commissioning. The most cost-effective approach is for the shipyard to act as the general contractor and issue separate contracts for each of the activities. <img src="https://photo-assets.superyachttimes.com/photo/261585/image/large-76295cb817ddfe17c4cc27eb302e3055.jpg" data-gid="gid://syiq/Photo/261585"><a data-gid="gid://syiq/Company/547" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 La Ciotat (Company)">MB92 Group</a> divided the cost of the shiplift with <a data-gid="gid://syiq/Company/547" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 La Ciotat (Company)">La Ciotat Shipyards</a>, the public company that manages the port area, but has spent an additional €13 million on adjacent facilities. The total stake represents a formidable asset for the refit shipyard, which can now host up to six more 100-metre plus superyacht on the hard, adding to an infrastructure that already includes a 2,000-tonne yacht lift, 600-tonne crane, 300-travel lift and 200-metre dry dock.&nbsp;Installing a shiplift in La Ciotat had been envisaged by <a data-gid="gid://syiq/Company/547" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 La Ciotat (Company)">MB92</a> ever since it acquired a majority stake in <a data-gid="gid://syiq/Company/5474" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="CompositeWorks (Company)">CompositeWorks</a> in 2017. Work got under way the following year with preliminary simulations in compliance with French regulations and safety codes to determine the optimal size of the shiplift based on the land area available.“Every increase in lifting capacity is accompanied by an exponential increase in cost, so the final 4,300-tonne capacity represents the best balance between cost, commercial opportunities and the space we had to work with,” says Joe Degabriele, Senior Business Development Manager at <a data-gid="gid://syiq/Company/547" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 La Ciotat (Company)">MB92 La Ciotat</a> tasked with commercialising the shiplift.<img src="https://photo-assets.superyachttimes.com/photo/261582/image/large-57990f9cf95d2e2aaa6476f37e7ec399.jpg" data-gid="gid://syiq/Photo/261582">Bardex Corporation, a US-based specialist in heavy load handling and positioning equipment, was contracted to oversee the design of the shiplift and transfer systems. In order to better understand the local business culture and practices, Bardex chose to partner with Matière SAS, a French engineering and construction company.“The design process starts by understanding the client’s needs and objectives for the facility, says Robert Taylor, senior structural engineer at Bardex. “We also investigate the site setting, access to and from the facility, the yard arrangement and the geological conditions. All of these inform us about the types of foundation system, yacht transfer arrangement and implementation plan that is most appropriate for the project.”Weight-liftingShiplifts are all about are speed and efficiency. In La Ciotat the entire process of lifting and positioning a yacht on the hard takes less than three hours, whereas the same procedure in a traditional graving dock requires the best part of a day. A shiplift can serve multiple parking places, but a dry dock usually hosts just one vessel at a time.&nbsp;The shiplift relies on very different technology from classic winches and cables. The Chain Jack Lift system is widely used in military shipyards for lifting warships and nuclear submarines. Powered by hydraulic rams, a chain jack hoists by engaging and pulling in a short length of chain, engaging a stop pin, retracting and repeating the process. <img src="https://photo-assets.superyachttimes.com/photo/261584/image/large-53a9dbfa280b0d59027c0314124af81d.jpg" data-gid="gid://syiq/Photo/261584">The system offers more precise movement of the platform than wire ropes or cables, which are prone to stretching (Lloyd’s requires 20 per cent of wire ropes to be removed and destructively tested each year and all wire ropes to be replaced every 5-10 years). La Ciotat has 20 chain jack units, 10 on each side of the pit, and each has two closed-loop chains for 100 percent redundancy.The lifting procedure is complex because it involves coordinating the motion of 20 devices connected to the same platform. The system moves one pitch, or two links of chain, each cycle for all 40 chains (factory tests show that the movement of the chain jacks can be coordinated to within one millimetre of each other). The entire lift system resets every cycle, which prevents the accumulation of differential elevation. To ensure all the units are working in perfect synchronisation, remote sensors relay the parameters in real-time to the central command system.“Hydraulic cylinders are ideally suited to shiplift operations because their movement is consistently precise,” says Taylor. “Bardex has further improved the synchronisation by equipping the lift stations and control system with hydraulic feedback motion control. This technology is widely used in heavy industrial robotic automation applications that require high precision motion control, such as special-purpose arc welding robots.”To guarantee an uninterrupted supply of electricity, the lifting system has its own dedicated substation with transformers supplied by the French division of the German company Schneider Electric. <a data-gid="gid://syiq/Company/547" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 La Ciotat (Company)">MB92</a> invested in a further three substations for the supply of reliable shore power to the yachts and for refit work.<img src="https://photo-assets.superyachttimes.com/photo/261583/image/large-4166e0e83d90ea707fb10360c701a083.jpg" data-gid="gid://syiq/Photo/261583">Running on railsBuilt by Metallic Bridges Belgium (MBB), the actual platform had to be delivered by special transport. When a yacht enters the lifting pit and the chain jacks are activated, it comes to rest on a modular cradle that can be adjusted to suit the size of the vessel (<a data-gid="gid://syiq/Company/547" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 La Ciotat (Company)">MB92</a> ordered four such cradles from Schwartz Hautmont in Spain). As in a graving dock, divers assess that the ‘mating’ between hull and cradle is a snug and secure fit.&nbsp;Once the platform has been locked at ground level, the next phase is to transfer the yacht sideways off the platform and then longitudinally to a hard-standing space. Four-wheel bogies or trolleys constructed by Bardex Industries in South Korea are aligned under the cradle. The bogies, which have a passive hydraulic suspension system to raise the yacht and its cradle over the top of the chain jack units, run along 6.5km of intersecting rails built by Bemo Rails in The Netherlands and can change direction by lifting themselves off the tracks and turning their wheels 90 degrees. <img src="https://photo-assets.superyachttimes.com/photo/261597/image/large-cd3dfe47b75870da76a82b08717ad440.jpg" data-gid="gid://syiq/Photo/261597">The two axes of motion meant the rails and intersections had to be installed to a tolerance of +/- 5mm to ensure smooth transfers. Maintaining stability is obviously essential throughout the operation, especially when moving the yacht off the platform.“Transferring yachts laterally off the platform required careful coordination of the civil works, structural system and lift station elevations to ensure adequate clearance for the yacht and static supports to pass over the lift stations,” says Taylor. “This type of transfer operation also imposes unbalanced loads on the structural systems. Detailed engineering analysis and the use of hydraulically actuated pin supports were required to ensure the structure remains stable under this loading condition.” <img src="https://photo-assets.superyachttimes.com/photo/261598/image/large-46859a2c27c1aaa4e641dcc7c146976b.jpg" data-gid="gid://syiq/Photo/261598">There are five hard-standing places to the side of the platform and one in front of it (a 6th is a common area that can be used for short-term projects such as pre-purchase inspections). Once in position, the cradle is lowered to the ground, the bogies removed and the yacht hooked up to the shore power, fresh water and waste management systems. Anchoring points in the concrete are used for bracing scaffolding and tenting when the yachts need to covered. <img src="https://photo-assets.superyachttimes.com/photo/261599/image/large-5e0187dde33c13a6e4b502b4da2f46b1.jpg" data-gid="gid://syiq/Photo/261599">At the time of writing, the shiplift and transfer systems were approaching completion before final testing and certification by <a data-gid="gid://syiq/Company/554" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lloyds Ships (Company)">Lloyds Register</a> (shiplifts come under Lloyds’ Code for Lifting Appliances in a Marine Environment, excluding the civil engineering works). Despite the many technical and logistical challenges, the shiplift was on schedule for its official inauguration in September.&nbsp;“The most difficult thing has been organising all the different companies around the world and up to 200 personnel working on site each day, especially during the Covid pandemic,” says Mathieu Bauden, the man responsible for coordinating the works as Facilities &amp; Storage Manager at <a data-gid="gid://syiq/Company/547" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 La Ciotat (Company)">MB92 La Ciotat</a>. “But it’s a great source of satisfaction that when we signed this project four years ago, we decided to open the platform on 15 September 2022. And that is still the opening date.”<img src="https://photo-assets.superyachttimes.com/photo/261591/image/large-603e1e48173db47dc861262e8eaf1093.jpg" data-gid="gid://syiq/Photo/261591">SHIPLIFT TRIVIA• The Syncrolift System was invented by Raymond Pearlson, who was later awarded the Sperry Award for his invention. The first Synchrolift in 1957 had a lifting capacity of 100 tons.&nbsp;• In 1967 Hydranautics, now Bardex Corporation, designed, patented, manufactured and delivered the first shiplift using chains instead of wire rope.&nbsp;• The Three Gorges Dam on the Yangtze in Central China has a shiplift for transferring vessels up to 3,000 tonnes across a vertical distance of 113 metres. The ship chamber has a pool of water 120 metres long by 18 metres wide and 3.5 metres deep.&nbsp;• The world’s largest shiplift dedicated exclusively to yachts is the 4,800-tonne shiplift at <a data-gid="gid://syiq/Company/97" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 Barcelona (Company)">MB92 Barcelona</a>. Commissioned in 2019, it was designed and supplied by Pearlson Shiplift Corporation.This article was originally published in September 2022 of Issue 1 of the How to Build It magazine. <a href="https://superyachttimes.com/api/download/how-to-build-it-issue-1" target="_blank">You can download the entire magazine for free here</a>.

At the shipyard with MB92 La Ciotat

Justin Ratcliffe went behind the scenes for the unveiling of the new shiplift at MB92 La Ciotat.

How to build a shiplift with MB92 La Ciotat

The superyacht refit, repair and maintenance group, <a data-gid="gid://syiq/Company/547" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 La Ciotat (Company)">MB92</a> has announced the appointment of Jordi Ariet and Rob Papworth as Managing Director of <a data-gid="gid://syiq/Company/97" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 Barcelona (Company)">MB92 Barcelona</a> and Managing Director of <a data-gid="gid://syiq/Company/547" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 La Ciotat (Company)">MB92 La Ciotat</a> respectively. <img src="https://photo-assets.superyachttimes.com/photo/253949/image/large-111980d507e0ae37c98b21a98b9a3310.jpg" data-gid="gid://syiq/Photo/253949">Jordi Ariet and Rob Papworth are well-known at MB92 and have both been at the company for more than 20 years. Ben Mennem, who founded <a data-gid="gid://syiq/Company/5474" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="CompositeWorks (Company)">Compositeworks</a> in 1998 which then went on to become <a data-gid="gid://syiq/Company/547" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 La Ciotat (Company)">MB92 La Ciotat</a>, will continue to play a major role in the company and joins Pepe García-Aubert on the board as Vice-Chairman of <a data-gid="gid://syiq/Company/547" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 La Ciotat (Company)">MB92 Group</a>.“I am delighted to be handing over the reins to Rob Papworth, who has been building the business alongside me in La Ciotat for many years and has played an important role in the shipyard’s development,” commented Ben Mennem.<img src="https://photo-assets.superyachttimes.com/photo/222521/image/large-c4ac64dcdbc08170379c2241f0384223.jpg" data-gid="gid://syiq/Photo/222521">The MB92 Group will also put a new organisational structure in place to accelerate the collaboration between both <a data-gid="gid://syiq/Company/97" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 Barcelona (Company)">MB92 Barcelona</a> and <a data-gid="gid://syiq/Company/547" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 La Ciotat (Company)">MB92 La Ciotat</a>. The new structure will help to facilitate the expansion and internalisation of the Group. As a result of this, several new positions have been created.&nbsp;Vincent Escallier will become the Business Development Director, while Txema Rubio will supervise the entire customer service as Commercial Director. Pierre Cretin has been appointed Chief Financial Officer, and Philippe Bernard becomes the Procurement Director, in close cooperation with Giovanni Marré, who becomes Procurement Manager.<img src="https://photo-assets.superyachttimes.com/photo/187084/image/large-cc89f0cf7a1b776a539a1cedaa7c8925.jpg" data-gid="gid://syiq/Photo/187084">Finally, Marc Hervás will be the Sustainability Coordinator, Rubén Carmona has been appointed IT &amp; Digitalisation Director and Carmen Sánchez becomes Culture Director.“The organisation we have put in place will enable us to mutualise the strengths of both shipyards and streamline the refit experience for our clients. The creation of these Group positions is also an essential stage of our international expansion plan which will soon see the launch of our operations in the Middle East,” concluded Jean-Marc Bolinger, CEO of <a data-gid="gid://syiq/Company/547" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 La Ciotat (Company)">MB92 Group</a>.&nbsp;

MB92 appoints Jordi Ariet and Rob Papworth as Managing Directors

MB92 has announced the appointment of Jordi Ariet and Rob Papworth as Managing Directors for the Barcelona and La Ciotat facilities.

MB92 appoints new Managing Directors for Barcelona and La Ciotat facilities

Founded in 2012 by the merger of two superyacht painting brands, <a data-gid="gid://syiq/Company/340" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Pinmar (Company)">Pinmar</a> and <a data-gid="gid://syiq/Company/2629" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Rolling Stock S.L. (Company)">Rolling Stock</a>, <a data-gid="gid://syiq/Company/5540" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="GYG Plc (Company)">GYG plc</a> (formerly Global Yachting Group) now also includes the <a data-gid="gid://syiq/Company/3645" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="ACA Marine (Company)">ACA Marine</a>, Pinmar Supply and Technocraft brands. It also has the accolade of being one of the few publicly listed supply companies within the superyacht industry, following its Initial Public Offering (IPO) on the London Stock Exchange’s AIM market in July 2017. Specialising in superyacht painting, supply and maintenance, since undertaking this next step in its growth, it has been something of a roller-coaster ride for the company and market as a whole, with the company experiencing a particularly difficult year in 2018.&nbsp;The problems faced by the company in 2018 were caused by multiple factors, including smaller than anticipated project wins for new-build yachts and delays in refit contracts which were partly due to refit market turbulence and reasons beyond the company’s control. This resulted in <a data-gid="gid://syiq/Company/5540" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="GYG Plc (Company)">GYG</a> having to warn on profit, as it would not be able to reach the expectations set by the City. Speaking to CEO Remy Millott following two recent profit growth announcements, it’s clear that the company has moved beyond these initial teething problems and the outlook for the Group is looking decidedly sunnier going forward. Sitting down with Millott, we find out why a company like <a data-gid="gid://syiq/Company/5540" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="GYG Plc (Company)">GYG</a> would decide to put all their cards on the table and open themselves up to public scrutiny through an IPO and discover his vision for the future of the Group. <img src="/uploads/store/photo/101726/image/large-973129299f775966127376641e2c4fde.jpg" data-gid="gid://syiq/Photo/101726">In 2015, there was a management buyout at <a data-gid="gid://syiq/Company/5540" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="GYG Plc (Company)">GYG</a> with support from private equity firm Lonsdale Capital Partners less than two years before <a data-gid="gid://syiq/Company/5540" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="GYG Plc (Company)">GYG</a> was publicly listed. Was that listing driven by Lonsdale Capital Partners and are they still shareholders today?&nbsp;We did a private equity deal with Lonsdale Capital Partners who bought 60% of our shares, exiting some of the small minority shareholders along the way. That was supposed to be a five-year deal but ended up being a two-year deal as Lonsdale saw a significant upside to their investment which was faster than was initially expected. We started to perform very well and the Director of that fund said to me,&nbsp;“I’ve got to inform you, Remy, we’re probably looking to exit earlier than originally planned so you should start thinking about what you’re going to do next.” I felt that to realise our growth plans and start increasing market share in the new-build sector where the really big contracts are, we needed to have a clear, long-term strategy for ownership of the Group going forward. I looked at the IPO option, and everyone was supportive including our private equity investors. They still own 19% and like the business and its growth pipeline a lot. The company has performed well for them and they remain very supportive.&nbsp;Talk us through the process of completing the IPO.Once we agreed on the IPO option and everyone was fully behind the idea, we found a broker, Zeus Capital, who advised us on the process of becoming a public company, which we successfully did in July 2017. It happened very quickly: we started in February and for a relatively small yacht business to get an IPO done in a few months was really quite impressive! <img src="https://sya.superyachttimes.com/uploads/store/photo/101725/image/large-6e9e8304da012536bd848f98849b074e.jpg" data-gid="gid://syiq/Photo/101725">What are the biggest advantages and disadvantages of being a publicly listed company?&nbsp;After the IPO, people noticed us more because there are only one or two listed businesses in the industry. When we walk into these big northern European shipyards and sit in front of the Managing Director and CEOs, there is a lot more respect from them on the basis of what we have achieved. Sitting there with very big investor funds behind us and being able to offer<a data-gid="gid://syiq/Company/5540" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="GYG Plc (Company)">&nbsp;GYG&nbsp;</a>parent company guarantees for these big contracts is a very good thing and gives us credibility. Doing business with a listed company gives people a lot more comfort and that has certainly helped us win market share in new build.The downside of being a listed business is that it’s quite taxing on the management team and a lot of new skills and information have been learned and applied to meet these demands. If you want to be successful on the market you have to do lots of investor relationship work and there is a lot more reporting that goes on. Of course, if you are having a bad time, then everybody knows about it. This is the same in any listed business: when things are going well, it’s great, but when things are going badly, we get a tough time. We’re certainly enjoying it - it has been very worthwhile and I am confident that this business can perform really well on the market going forward.&nbsp;Within the yachting industry, larger yachts and new-build projects are often highly confidential, how do you deal with this as a publicly listed company?Well, we can deal with it much better than most - we cannot make public announcements that may be sensitive to our share price so we have to keep everything confidential in terms of performance. We report twice a year, which is in June and at the end of the year and any news that flows out of us in the meantime can’t happen without a very strict structure around it. Of course, there is a fine balance to strike, but for the shipyards, that also gives them confidence because we can’t talk about what we’re doing. Most of these contracts have non-disclosure agreements and everyone is very respectful of them. The industry has changed and there is a lot more professionalism around protecting those confidential things.&nbsp;Thinking about the future of the superyacht market: how dependent is your growth on the leading shipyards? In other words, if they don’t sell big yachts, will that make it difficult for your company to grow?&nbsp;Well, organically yes. Our organic growth plans are quite ambitious so we are looking to increase market share in many areas of Europe and the USA. If there is a downturn in the future production of large yachts that will affect our new-build revenues. It’s important to note however, that this won’t impact our refit business because even though they might not be building as many new yachts there is still a huge fleet out there that needs servicing and maintaining.&nbsp;As for the market outlook, we do constant health checks and conduct market research which gives us good quality information to share with investors. So far, the new-build yards seem very positive. The upper end of the market (70-90m+), which is the one we are most interested in, was growing throughout the financial crisis and is still growing today. That doesn’t look like it’s going to change anytime soon, so that’s a real positive outlook for us. <img src="/uploads/store/photo/85603/image/large-7089e8c31e31c8b89a6f7a5e1869c187.jpg" data-gid="gid://syiq/Photo/85603">Are there other threats or risks to your business that you might need to prepare for in the future?&nbsp;As you know, we had a poor 2018, and we can’t attribute all of that just to the fault of the industry. As a business, we need to be more prepared for a market downturn. We have restructured the senior management team and have placed more emphasis on accountability within the business. We have also installed a <a data-gid="gid://syiq/Company/2593" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="CRM S.p.a (Company)">CRM</a> system and are much more proactive in terms of leads and contacting people with a far more structured sales team. We now have much better visibility of our sales pipeline and have been successful in growing our order books two years in advance, so that will obviously give us a lot more flexibility if there is a downturn in any area of the business.&nbsp;Do you see the opportunity to potentially diversify the business and move outside of the yachting industry?I can’t see that with this business. Market research tells us that between 2019 and 2022-3, the estimated new-build segment is worth 1.2 billion just for paint, so there is a huge organic growth opportunity for the business there. The market expects significant growth so we will obviously be looking at acquisitions going forward which may not be core business. I very much doubt that we will move outside the industry, but within the industry, I am looking at various opportunities that could complement our core business.&nbsp;Could this potentially include buying a shipyard going forward?&nbsp;Potentially, but it would have to be a very strategic deal because we work in so many shipyards and we wouldn’t want to compete with one of the shipyards with which we are closely working with. If we bought a shipyard and it started competing with <a data-gid="gid://syiq/Company/97" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 Barcelona (Company)">MB92</a>, that would be suicidal! But if it was a shipyard that could work with other shipyards in a way that was compatible with our refit partners and ourselves then why not! <img src="/uploads/store/photo/85608/image/large-691fa8aeab33eef6d9595221407054f7.jpg" data-gid="gid://syiq/Photo/85608">Last year you announced two substantial new-build contracts in northern Europe: a 140-metre superyacht and a 94-metre superyacht, and you have announced three contracts for new builds over 70 metres in northern Europe since the end of 2018. What does a 100m+ boat represent for you in terms of revenue?&nbsp;What I can tell you is that the contract prices for our work on yachts over 70 metres can be anything between 3-12 million euros. This depends on the square metres, how much volume a yacht has got and how much of the boat we are working on. The 100m+ boats can be anything over 7-8 million euros and upwards.&nbsp;What has been the most challenging moment for you personally working in this business?&nbsp;Trying to get through our profit warnings last year was probably one of my toughest moments. I think people have a lot of trust in what you say and what the business can do. Being a junior in the market and having to go back with profit warnings after such a short period of time was disappointing for our investors. The investors stuck with us: they, like us, are very motivated, hence why I spend a lot of time keeping them up to date with what we’re doing. We are very lucky and we’ve got some fantastic investment funds on board. They like this business and the industry and are looking forward to the next phase of our success. <img src="/uploads/store/photo/101727/image/large-3f7530333b05ac99772b8d18a9eadb3a.jpg" data-gid="gid://syiq/Photo/101727">What is your vision for&nbsp;<a data-gid="gid://syiq/Company/5540" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="GYG Plc (Company)">GYG</a>?I’d love to get this business to 100 million market cap as quickly as possible. &nbsp;My focus is on making our business more efficient, improving margins and promoting growth.&nbsp;I want to thank all of our loyal clients and partners in the industry for their confidence in supporting us as we look forward to the next few years of success with them. So many shipyards have invested a lot of money in the last couple of years, such as <a data-gid="gid://syiq/Company/23" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lürssen Yachts (Company)">Lürssen</a> buying <a data-gid="gid://syiq/Company/3" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Blohm & Voss GmbH (Company)">Blohm + Voss</a> and <a data-gid="gid://syiq/Company/97" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 Barcelona (Company)">MB92</a>’s acquisition of <a data-gid="gid://syiq/Company/5474" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="CompositeWorks (Company)">Composite Works</a> plus their upgrade in Barcelona, Rybovich and Savannah in the USA. There are a large number of shipyards gearing for growth and we are looking forward to helping them grow their businesses in the future.&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<a href="http://www.superyachtcompany.com/newspaper/the-superyacht-times-subscription" rel="noopener noreferrer" target="_blank" title=""><img src="/uploads/store/photo/55401/image/large-6524e9c9dfc37e22bf131ecc39bea57e.png" data-gid="gid://syiq/Photo/55401"></a>This article is featured in the latest edition of the SuperYacht Times newspaper. <a href="http://www.superyachtcompany.com/newspaper/the-superyacht-times-subscription">Subscribe now&nbsp;</a>to receive your copy straight to your door and never miss another issue.

Insight: CEO Remy Millott on the future of GYG plc

SYT interviewed CEO Remy Millott to find out more about the highs and lows of GYG and the IPO.

On the map: CEO Remy Millott and the future of GYG plc

<a data-gid="gid://syiq/Company/97" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 Barcelona (Company)">MB92 (Marina Barcelona 92)</a> has a new majority shareholder. The superyacht refit, repair and maintenance group announced today that 77.5% of the company has been acquired by Squircle Capital, a European alternative investment firm focused on private equity and value-add real estate investments.<img src="/uploads/store/photo/85602/image/large-4ecae4507abc2343e4074107af5593d1.jpg" data-gid="gid://syiq/Photo/85602">“We are very pleased to welcome Squircle Capital as the new&nbsp;<a data-gid="gid://syiq/Company/97" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 Barcelona (Company)">MB92&nbsp;</a>majority shareholder,” says Pepe García-Aubert, President and CEO of <a data-gid="gid://syiq/Company/97" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 Barcelona (Company)">MB92</a> Group. “They have an exciting long-term vision of how to further grow the group and consolidate our position as market leader and I have no doubt that we will benefit from their strategic expertise and broad experience.” <img src="/uploads/store/photo/85608/image/large-691fa8aeab33eef6d9595221407054f7.jpg" data-gid="gid://syiq/Photo/85608">MB92 La Ciotat“When I think back to our humble beginnings 25 years ago, I feel extremely proud. We have evolved and reached a level of professional maturity that will enable us to move confidently into a new growth phase with Squircle Capital at our side,” García-Aubert says.José Caireta, founding partner at Squircle Capital adds that in “just a few years,&nbsp;<a data-gid="gid://syiq/Company/97" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 Barcelona (Company)">MB92</a>&nbsp;has managed to carve out a unique position, not only as a leader within the sector but also as an exemplary provider of refit, repair and maintenance services for superyachts. As private equity managers, it is refreshing to find a leading industry player with local roots, a global reach and significant room for further growth.” John Nery, head of investments at Squircle Capital, added: “We are delighted with this latest addition to the family of portfolio companies at Squircle Capital. We see a tremendous value creation opportunity with this acquisition and will seek to support Pepe and his team in their growth plans as they continue to be at the forefront of technological advancement and service excellence within the superyacht refit sector. Our focus now will be to continue growing the business organically whilst seeking new opportunities to further capitalise on the positive&nbsp;market dynamics we all believe in.”The transaction entails the acquisition of <a data-gid="gid://syiq/Company/97" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 Barcelona (Company)">MB92 Barcelona,</a> which is the parent company of the group, as well as also counting on a 75% stake in <a data-gid="gid://syiq/Company/547" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 La Ciotat (Company)">MB92 La Ciotat</a> (which was formed by the merging of <a data-gid="gid://syiq/Company/5474" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="CompositeWorks (Company)">Compositeworks</a> and <a data-gid="gid://syiq/Company/3" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Blohm & Voss GmbH (Company)">Blohm+Voss</a> La Ciotat by the group in 2018).&nbsp; Update: The transaction has received regulatory approval and closed in October.

Squircle Capital MB92 new majority shareholder

SYT has all the details on the MB92 new majority shareholder: the European alternative investment firm, Squircle Capital.