On February 29 Fred Kirtland, the CEO of Merrill-Stevens, announced the closure of their Yacht Services division.
The following statement was released by Fred Kirtland:
“During the last 36 months, Merrill-Stevens has tripled overall company revenues while expanding operations into key locations such as St. Maarten and Mexico City. Personnel in the Yacht Sales and the Miami River Shipyard divisions has doubled since 2005. With these two divisions accounting for the majority of our growth, the Company continues to focus on yacht sales and the expansion and modernization plans for the Shipyard. The expansion is already into its first phase and is on target.
“Unfortunately, the Yacht Services division has not kept pace with the company’s overall growth and consequently is being discontinued. The company will no longer offer personnel functions, such as crew placement; or administrative services, such as yacht management and financial administration. Existing contracts for these services will be continued or transitioned to other providers.
“Charter sales, which formerly was part of the Yacht Services division, will continue under a restructured operation. Likewise Merrill-Stevens’ subsidiary, Mega Yacht Technical Services (MTS), will continue with additional functions more fully integrated into our core businesses.
“Merrill-Stevens will continue its presence in each one of our world-wide locations, while we continue to look for expansion opportunities that support our profitable growth.
“As we refocus on our core businesses, some positions will be eliminated [—no more than 15 of the company’s more than 200 employees and brokers]. Whenever possible, employees impacted by this decision have been transferred to other positions within the Company.
“This restructuring allows us to reallocate resources and redirect energy and efficiency to the activities for which Merrill-Stevens is known world-wide. We are proud to continue our long tradition of quality service to the yachting community as we anticipate and plan for rapid changes ahead.”