European shipyard group to be acquired by private equity firm

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The MB92 Group is being acquired by Squircle Capital. A company statement said the investor plans to own 77.5 percent of the Barcelona-based MB92. The transaction is expected to close in the next few weeks.

MB92 Group has grown as a superyacht refit company, having acquired a majority stake in Compositeworks and Blohm+Voss La Ciotat in 2017. It merged these businesses in 2018 to create MB92 La Ciotat.

Squircle Capital has “an exciting long-term vision of how to further grow the group and consolidate our position as market leader,” said Pepe García-Aubert, president and CEO of MB92 Group, in the statement. “When I think back to our humble beginnings 25 years ago, I feel extremely proud. We have evolved and reached a level of professional maturity that will enable us to move confidently into a new growth phase with Squircle Capital at our side.”

“As private equity managers, it is refreshing to find a leading industry player with local roots, a global reach and significant room for further growth,” said José Caireta, founding partner at Squircle Capital, in the statement.

John Nery, head of investments at Squircle Capital, added: “Our focus now will be to continue growing the business organically whilst seeking new opportunities to further capitalize on the positive market dynamics we all believe in.”

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