Italian-based Telemar Yachting reached an agreement to buy its U.S. agent, Al T. Marine Electronics, and will establish a permanent U.S. operation in Fort Lauderdale, the company announced.
The transaction is scheduled to close before Jan. 1.
The new entity will operate under the name Telemar Yachting the Americas.
"We are very pleased in these challenging economic times to be able to keep moving forward with our own global strategic plan," said Telemar Yachting general manager Andy Gifford in a statement. "It's even better that it could be with a company and, more importantly, with individuals we know so well."
The acquisition of Al T. Electronics comes as Telemar Yachting continues expanding into the North American and Chinese superyacht markets from its European base.
"It is a great opportunity for us to continue to grow, and the synergies are tremendous," said Al T. Marine Electronics general manager Kirsten Tarafa in a statement. "It's a natural fit, giving us international scope not only in the yacht industry but also commercial vessels. Just as important, though, in this economic climate, we're joining a solid team we know with solid corporate resources."