Insights
MB92 Group Acquires Leading Superyacht Painter Pinmar
Acquisition of GYG Ltd., the parent company of Pinmar, Pinmar Yacht Supply, and Technocraft: all brands will continue to operate independently across Europe and the US
Barcelona, 10th January 2025 – MB92 Group, one of the world’s leading superyacht refit, repair, and maintenance companies is pleased to announce the completion of its acquisition of GYG Ltd., a leading superyacht painting, service and supply company which trades under the Pinmar, Pinmar Yacht Supply and Technocraft brands. This milestone is part of MB92’s strategic plan to drive growth through consolidation, strengthening its ability to meet evolving industry demands.
Pepe García-Aubert, Chairman of MB92 Group, commented: “We are honoured to welcome GYG to the MB92 Group. Over the past 30 years, our collaboration has been rooted in shared values, mutual respect, and a dedication to delivering excellence for our clients. Moving forward, we aim to build on this strong foundation, sharing knowledge and expertise to enhance our services while advancing sustainability and innovation initiatives that benefit the wider superyacht community.”
MB92 will continue to collaborate with a range of providers, giving clients the flexibility to work with their preferred partners while benefitting from MB92’s extensive expertise, developed through managing over 10 large-scale paint projects annually across the Group.
Remy Millott, CEO of GYG Ltd, added: “This is an exciting new chapter for our company. With MB92’s support, we are well-positioned to continue delivering the high-quality standards our clients expect while exploring opportunities for future growth. Together, we can further optimise operations, elevate the level of service, and continue to advance in areas such as paint application, project planning and digitalisation, ensuring we remain at the forefront of the industry.” GYG Ltd. will continue to operate independently across Europe and the US, upholding the high standards of service that have earned it a trusted reputation for 50 years. Its commitment to clients’ trust and discretion remains unwavering, reflecting the values that have defined its success for decades.
John Nery, Managing Partner and Head of Investments at Squircle Capital, the European focused private equity firm managing the fund that owns the MB92 Group, said: “The acquisition of GYG reinforces our commitment to continue supporting excellence and innovation in the superyacht sector. With access to MB92’s strong financial resources, GYG will enhance its operational and strategic capacities, paving the way for new growth opportunities.”
The transaction, which closed on 31 December 2024, represents an important step for both companies and the industry.
About MB92 Group
MB92 Group is an internationally renowned specialist in the field of superyacht maintenance, refit and repair, managing state-of-the-art shipyards strategically located in Barcelona, La Ciotat and Golfe-Juan, and is currently developing a new dedicated refit centre in the Middle East. Founded in 1992 as Marina Barcelona 92 SA, the Group manages approximately 200 projects each year on superyachts up to 180 metres in length and has a growing workforce of 350 employees. Projects are led by an experienced project management team supported by leading inhouse technical knowledge and a global network of suppliers. Together, they bring passion, determination and expertise to each project to deliver on time and on budget.
MB92’s approach centres around proactive investment in people and facilities, aimed at continually adding value for their clients and communities. The Group strives to deliver excellence in superyacht refit and maintenance worldwide by listening, learning and innovating to grow its business sustainably and develop solutions that provide a positive impact for the superyacht industry.
In 2023, MB92 Group launched “Refit for the Future!”, the world’s first dedicated sustainability refit service tailored for superyacht owners looking to reduce the environmental impact of their yachts, reduce operating and financing costs, and protect re-sale value.
Squircle Capital, an established and innovative pan-European private equity firm with a demonstrable track record of transforming assets through thoughtful vision and purposeful management, has been the main shareholder since 2019.
About GYG Ltd
GYG is a market leading superyacht painting, supply and maintenance company, offering services throughout the Mediterranean, Northern Europe and the USA. The Company primarily trades under the Pinmar, Pinmar Yacht Supply and Technocraft brands, operating in both the Coatings (New Build and Refit) and Supply markets.
Pinmar was founded in Mallorca, Spain in 1975 as a specialist yacht painting company focused on the new breed of superyachts over 40m. In 2012 Pinmar merged with its main Spanish competitor, Rolling Stock, to form the Global Yachting Group. The Company floated on the London Stock Exchange’s AIM market in 2017 and was re-named GYG plc. In September 2022, the Company delisted from the AIM market and re-registered as a private limited company under the name GYG Limited.
In 2025, GYG joined the MB92 Group, an international network of superyacht refit, repair, and maintenance shipyards with facilities in Spain, France, and the Middle East. [Add here a suggested sentence to say that in 2025 becomes part of the MB92 Group]
During its near 50-year history, Pinmar has expanded its operations to cover the major superyacht Refit locations across Europe and the USA as well as establishing partnerships with the largest New Build shipyards. It has diversified its service offering through its yacht chandlery business, Pinmar Yacht Supply, which provides a multi-channel supply service to the world’s superyacht fleet. Today it is recognised as the market leading brand in superyacht painting with a reputation for premium quality.
The Group also operates a specialist engineering company, Technocraft, that provides bespoke scaffolding containment systems and yacht hardware removal and repair services to superyachts. These services form an integral part of the superyacht Refit process and enable Pinmar to offer a unique turnkey approach to superyachts and the Refit yards.
Pinmar has pioneered many of the innovations and methodologies associated with superyacht painting and is recognised as the most technically advanced applicator in the industry. Working with the major international paint manufacturers, it continues to invest in research and development programmes to drive improvements in speed, quality and efficiency. Pinmar is the only company to have developed its own quality metric paint standard, the Pinmar Standard, which is globally recognised and used by the industry since its development in 2011.
The Group’s headquarters are in Palma de Mallorca, Spain, with its main Mediterranean operational hubs in Palma, Barcelona and La Ciotat, France. The USA division is based in Savannah, Georgia, with operational centres also in Fort Lauderdale and West Palm Beach, Florida. The Company also has offices in Holland and Germany providing a permanent presence in the major northern European New Build market.
About Squircle Capital
Squircle Capital is an established and innovative pan-European private equity firm with a demonstrable track record of transforming assets through exceptional vision and purposeful management. Founded in 2012 and with just under €1bn of assets under management, Squircle Capital specialises in high-end private equity, building real value for all stakeholders. The firm has a clear belief that private equity should leave a positive legacy and not only focus on delivering returns for investors. Squircle Capital has offices in Luxembourg, Milan and Barcelona. For further information, please contact:
MB92 Group
Henrietta Green, Media Relations
harry.green@mb92.com