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NEWS
Palm Beach sold to Grand Banks
Prestige Australian boatbuilder bought by Singapore-based Grand BanksSingapore's Grand Banks Yachts will acquire Australian boatbuilder Palm Beach (PB45 pictured), with its founder, entrepreneur and yachting champion Mark Richards (left in photo with yachtsman Bob Oatley) to be named CEO on completion of the multi-million-dollar deal.
Grand Banks Yachts Limited announced on Friday April 11 that it would acquire a 100 per cent stake in Palm Beach Motor Yacht Co Pty Ltd of Australia for $8 million in cash with Grand Banks share issues of a further $2.0m.
Upon completion of the acquisition, Palm Beach founder Mark Richards -- one of Australia's most successful yachtsmen in recent times -- will be appointed CEO of the enlarged Group.
Grand Banks said the transaction would strengthen the position of the Singapore-listed luxury motoryacht builder as a global company with two world-class brands that are well represented in the leading markets of the North America, Australia, Asia and Europe. The manufacturing facilities of both brands will continue to operate at their respective locations -- Grand Banks in Malaysia and Palm Beach in Australia.
Palm Beach designs and builds five different highly-customised and award-winning 'yacht' models ranging from 45 to 65 feet which are mostly sold in the United States - its largest market.
Palm Beach was founded in 1995 by Richards (46), a seven-time champion skipper of the Wild Oats in the 628-mile Sydney-to-Hobart yacht race between 2005 and 2013. Richards also led Australia to victory in the last Admiral's Cup race in the U.K. in 2003 and has participated in two America's Cup regattas, representing Australia.
Under Richards' leadership, Palm Beach has developed a global reputation for designing and producing one of the highest quality and most efficient luxury motor yachts in today's market by utilising modern materials and construction technologies.
"With Mark as incoming CEO, this critical leadership role will be filled by a qualified boat-builder with a deep passion and experience for yachting, combined with a proven track record of technological innovation and success in building and marketing boats internationally. It is a rare combination and a remarkable fit coming at a critical juncture of Grand Banks' own transformation," said Heine Askaer-Jensen, Grand Banks' Chairman.
Richards said that "this transaction is a major personal decision which is driven by my firm belief that the expanded investment and development of both Palm Beach and Grand Banks, together with the skills and collective will of the two brands, will combine to make the enlarged group one of the world's leading luxury boat-building companies.
"I have deep respect for the Grand Banks brand, and it will be a great honour for me to further strengthen the brand and to lead it to continued success."
Upon appointment of Richards as CEO, Peter Poli will relinquish his role as Acting CEO and continue with his role as Chief Financial Officer of the enlarged Group.
With a renowned legacy that dates back to 1956, Singapore-based Grand Banks Yachts Limited is a global brand well known for its vast experience in manufacturing and selling luxury motoryachts. The Group's manufacturing facility is located in Pasir Gudang in Malaysia.
Grand Banks has dealers based in North America, Europe and Asia-Pacific. Grand Banks was listed on the SGX in 1987 and upgraded to the Main Board in 1993. To learn more about Grand Banks visit see www.grandbanks.com.
Palm Beach Motor Yacht Co Pty Ltd was founded in 1995 by world-renowned sailor and seven-time Sydney to Hobart race winner Mark Richards. The Central Coast-based NSW boatbuilder is known for its modern technology and impeccable craftsmanship.
All 'yachts' are meticulously designed and constructed with cutting edge materials and allows for a full suite of customisable options. The company's headquarters and manufacturing facility operate out of Berkeley Vale, Australia. See www.pbmotoryachts.com.
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Written byBoatsales Staff
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Please see our Editorial Guidelines & Code of Ethics (including for more information about sponsored content and paid events). The information published on this website is of a general nature only and doesn’t consider your particular circumstances or needs.
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