This acquisition will provide strategic expansion in its main geographical market in the US and enhance long-term sales of Grand Banks and Palm Beach Motor Yachts. The group had previously expressed interest to expand its footprint into the East Coast of the US, saying that it was the "final piece of the puzzle" in its expansion plans into the US.
Luxury yacht builder Grand Banks Yachts (SGX:G50
) (GBY) announced that it will be acquiring two properties in Newport, Rhode Island in the US for a total purchase consideration of US$21.0 million ($28.1 million).
The properties boast a full-service marina, a covered workshop, boat storage space, guest accommodation, supporting amenities and parking areas. It is capable of berthing up to 20 boats in the water and more on the land.
