Compositeworks, a refit and repair facility on the French Mediterranean coast, and Marina Barcelona 92 (MB92) have submitted detailed plans to combine the two organizations by the end of the year. Under the plans, MB92 will take a majority stake in Compositeworks, whose management will remain unchanged.
“This is a big day for Compositeworks,” Ben Mennem, president and co-founder of Compositeworks, stated in a company press release. “I strongly believe this arrangement provides a platform from which the two companies can lead this growing industry.”
Established in 1992 in Barcelona, MB92 is a megayacht refit and repair company in which majority shares are owned by Amsterdam-based D-Marine Investments Holding B.V., a subsidiary of Dogus Group, one of the top three largest private-sector conglomerates in Turkey.
“We have been looking to expand our operations outside of Barcelona, and Compositeworks represents the ideal partner to strengthen our policy of excellence and efficiency of our services,” MB92 Managing Director Pepe García-Aubert stated.
On Sept. 28, the day after that news was released, its founder and president, Jorge Ventosa Gari, died following a serious illness, the shipyard announced.