Netherlands-based Dockwise Ltd. signed a letter of intent to sell its wholly owned subsidiary, Dockwise Yacht Transport, to New York-based Coby Enterprises Corp.
The proceeds of the cash deal will be disclosed upon completion of the transaction, which is expected to take place during the next quarter, the company said.
Dockwise Yacht Transport is a leading transporter of yachts and leisure craft between premier sailing regions. Its main market is the annual trans-Atlantic migration of luxury yachts from Florida and the Caribbean to the Mediterranean and back.
“DYT played a significant role in the origins of Dockwise, being the product of the merger between Dock Express and Wijsmuller, but with the evolution of our business it is no longer a strategic asset,” Dockwise Ltd chief executive Andre Goedee said in a statement. “Dockwise is now focused on the oil and gas industry as a dedicated provider of transportation and installation services. Today’s announcement will allow management within the business to focus exclusively on this task and to reallocate capital to supporting the development of our world-leading business.”
Coby Enterprises is a marine solutions, transportation and logistics company providing services in domestic and international markets.
“We are excited to get involved in this dynamic and interesting niche in marine transportation,” Coby CEO Steven Byle said in a statement. “DYT clients can look forward to uninterrupted service in the short term, and improved and expanded services as we go forward. The DYT team and vessels’ crews will stay in place, and there will be no change in routes or schedules.
“Moving toward the future, however, our plans include an immediate program for renewal and upgrade of the yacht carrier fleet. And we further intend to add new routes and services for our clients in the years to come,” he added.