Multimillion-euro deal sees UK yard buy majority stake in Spanish superyacht marina.
Falmouth, UK-based superyacht builder and refit specialist Pendennis Shipyard is expanding its Mediterranean presence further with the purchase of a majority stake in Vilanova Grand Marina in Barcelona, Spain. The company was already associated with Vilanova, as it is developing a refit and repair centre at the Spanish facility. No indication of the purchase price has been given.
The ability to buy the 48-berth marina was provided through a multimillion-euro funding deal with NatWest and Lombard Asset Finance. The funding package has enabled Pendennis to take a controlling stake in the business as well as purchasing the adjacent site where its new service centre is being constructed.
Toby Allies, joint MD at Pendennis, says: “Acquiring Vilanova Grand Marina is a real strategic coup for the business, helping us bolster our presence in the Mediterranean, a key region for the superyacht industry. Our primary refit offering will remain in Falmouth but this strategic acquisition positions the business perfectly for further growth. It’s a hugely significant step for the business and a very exciting time for both ourselves and our clients.”
Vilanova Grand Marina is a dedicated superyacht marina offering 48 berths between 25m-130m (82ft-426ft). It is a destination marina with a shopping centre and is conveniently located just 30 minutes from Barcelona international airport and 45 minutes from the city centre. The marina holds a concession until 2040.
The new Pendennis Vilanova yacht repair and refit facility is set to be operational by early autumn this year. Work on a number of yachts has already been carried out at the new facility, which is costing some €4.5m. Superyachts between 25m-60m (79ft-197ft) will be worked on out of the water and up to 130m (555ft) in the water.
Pendennis told IBI: “Since officially announcing our investment in the autumn of 2018, Pendennis has been working alongside the team at Vilanova Grand Marina to develop a shared vision for a technical-based marina with a supporting service centre in the Mediterranean. The marina will continue to trade as Vilanova Grand Marina (VGM), whilst the new technical service centre will be known as Pendennis Vilanova.”
The technical service centre will comprise 12,000sq m of hard standing and a 640-tonne travel hoist with supporting piers. This facility is on schedule to be operational by early autumn 2019. The total investment in Pendennis Vilanova is approximately €4.5m, made up of €3m in infrastructure and €1.5m in plant and equipment. It will operate under a 40-year concession.
By David Robinson – 3rd September 2019