Squircle Capital increases majority stake in MB92
Squircle Capital has increased its controlling stake in MB92 Group, now making it a 93% superyacht refit specialist. The stake increase as resulting investment, planned as part of Squircle’s initial acquisition in October 2019, will support MB92’s expansion plans
Pepe García-Aubert, chairman, MB92 Group said: “This further investment by Squircle Capital signals their unwavering confidence in MB92’s ability to continue growing the business.” García-Aubert remains one of the minority shareholders in the group.
José Caireta, founding partner, Squircle Capital said that the European investment firm is committed to supporting the MB92 management in their expansion plans and highlighted his faith in MB92 Group’s CEO, Jean-Marc Bolinger.
Bolinger, who was named CEO earlier this year, said: “The renewed conviction of our largest shareholder brings great comfort particularly given their commitment and support not only with their financial backing but also strategic support as we look to continue our international expansion.”
The news follows the recent inauguration of its new 4,300t Atlas shiplift at its facility in La Ciotat. The new platform, representing a total investment of €47.5m, has already accommodated eight superyachts since its commissioning at the end of September.
This year has also seen the superyacht refit company sign a joint venture with Al Seer Marine and P&O Marinas to bring the first superyacht refit and repair facility to Dubai.
The operation plans to open next year, with the full construction of the shipyard to be completed by 2026.