Wednesday 23 August 2017

Irish-backed firm that maintains some of world's most luxurious superyachts plans to float

The 282-foot Ecstasea built for Russian oligarch Roman Abramovich
The 282-foot Ecstasea built for Russian oligarch Roman Abramovich

Joe Easton

An Irish-backed company that maintains some of the world's most luxurious superyachts plans to float shares in London as it forecasts an increase in business driven by growth in the number of billionaires worldwide.

Barcelona-based GYG, whose projects have included LVMH Founder Bernard Arnault's 333-foot Symphony and the 282-foot Ecstasea built for Russian oligarch Roman Abramovich, hopes the offering will boost its profile while allowing it to make further acquisitions, according to a statement yesterday.

Lonsdale Capital Partners, co-founded by London based Irish investors Alan Dargan and Ross Finegan led a buyout of the group in 2016.

The company now intends to raise around £7m (€8m) on London's AIM exchange, giving it a market capitalisation of about £46.6ms.

It had revenue of £54.6m last year, and says its clients include 25 of the 50 largest superyachts.

The group was formed in 2012 through the merger of Pinmar and Rolling Stock. Lonsdale Capital Partners led a buyout of the group four years later. Lonsdale will continue to hold 19.3pc of the company after the offering, while management will hold 18pc.

Meanwhile, India's Tata Group is considering an initial public offering of Jaguar Land Rover, the luxury carmaker it bought in 2008 for $2.4bn.

Senior Tata Group officials have held preliminary internal discussions over the past few months about the potential listing of Jaguar Land Rover in London or New York people with knowledge of the matter said. (Bloomberg)

Irish Independent

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