Port Royal Group acquired the hard assets and proprietary operating technology of AeroLite Marine Interiors, Port Royal Group president Phil Friedman announced.
AeroLite engineers, prefabricates, and installs ultralight yacht cabinetry and furniture. The Port Royal Group provides technical and business consulting services to builders, sellers, buyers and owners of large yachts.
Details of the deal were not released.
"Our original brief was to plan and manage the startup of AeroLite Interiors and to oversee its development of proprietary technology for the construction of ultralight yacht cabinetry and furniture," Friedman said.
"With the startup phase completed, and the company solidly established, we were concerned to see the operation moved in a direction suited to, what we see, as the likely prevailing market conditions for the short to medium term. In order to accomplish that, we needed to move into a position of primary control," he added.
AeroLite was set to begin work on prefabricating and installing the interior accommodations for two vessels, but previous partners in the AeroLite venture were divided as to whether expansion under current market conditions was desirable, Friedman said.
This led to the buyout by Port Royal Group.