BY APB Staff on 5 Dec 2022

The Stuart marina and service yard is opposite the builder's USA headquarters

Malaysian boatbuilder Grand Banks Yachts is to acquire 458 SW Salerno Road, a marina and service yard located in Stuart, Florida, USA, for US$1.9 million.

Grand Banks, which is listed on the Singapore stock exchange and creates boats under brands such as Grand Banks, Eastbay and Palm Beach boats, says the purchase will let the group enlarge its footprint in the US, enhance service capabilities and generate new revenue streams.

With a land size of approximately 13,000 sq ft (1,208 sqm) and a built-up area of 2,864 sq ft (266 sqm), 458 SW Salerno Road has berthing for up to nine boats. It sits directly opposite the Grand Banks Stuart yard, which serves as its USA headquarters as well as a one-stop shop for customer enquiries, support, and warranty requirements.

The expansion will allow Grand Banks to service more boats concurrently, to meet the growing demand for post-sale services, while strengthening branding within the USA, which is the group’s main market.

Mark Richards, CEO of Grand Banks, says: “Grand Banks has built a strong reputation as a reliable boat builder, and providing top-quality service and support to our customers is especially crucial when selling luxury motor yachts.

“The acquisition of 458 SW Salerno Road will further strengthen the Group’s image and branding as a premier luxury yacht builder, build a strong foundation for us to enhance our services and generate new revenue streams, which in turn adds long-term value for shareholders.”

The acquisition is expected to be completed on 12 December 2022.