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Superyacht firm GYG could fall into private equity hands

Superyacht painting and repairs firm GYG could fall into private equity hands after it receives a £43m takeover offer

Superyacht painting and repairs firm GYG could fall into private equity hands after it received a £43m takeover offer. 

London-based Harwood Capital said it was considering a 92.5p per share bid for the Spanish-based firm. 

The move was announced just minutes after markets closed, but came as GYG’s shares rose 4.2 per cent, or 3.5p, to 87p. 

GYG provides painting and maintenance services for superyachts in the Mediteranean, Northern Europe and the US. 

In demand: GYG provides painting and maintenance services for superyachts in the Mediteranean, Northern Europe and the US

Harwood is already its second-biggest shareholder with 20.5 per cent of shares, after it took out a position last month. 

It said that Lombard Odier, the leading investor with 26.2 per cent of shares, had signalled its support for the deal in a letter of intent. 

That means investors controlling 47 per cent of GYG are behind the deal. Harwood has until 5pm on May 7 to make a firm bid under City ‘put up or shut up’ takeover rules. 

Before the Covid-19 pandemic, the superyacht industry had enjoyed several years of uninterrupted growth. 

But GYG’s revenues fell 12 per cent to £29m last year, tipping the business from an £87,000 profit into a £430,000 loss. The company said sales had been hit by the pandemic but that its order book for 2021 was ‘strong’. 

Read more at DailyMail.co.uk