MB92 acquired by investment firm

Barcelona shipyard MB92 has been acquired by a European investment firm.

Squircle Capital, a European alternative investment firm focused on private equity and value-add real estate investments, now controls 77.5% of MB92. The transaction, which has received regulatory approval, is expected to close, subject to customary closing conditions, within the coming weeks, the yard said in a statement. 

In 2017, MB92 acquired a majority stake in Compositeworks and Blohm+Voss La Ciotat, and subsequently merged these businesses to create MB92 La Ciotat in 2018.

“We are very pleased to welcome Squircle Capital as the new majority shareholder of MB92,” said Pepe García-Aubert, President and CEO of MB92 Group. “They have an exciting long-term vision of how to further grow the group and consolidate our position as market leader, and I have no doubt that we will benefit from their strategic expertise and broad experience. Their decision to invest in MB92 and the superyacht refit sector in particular is testament to the rising professionalism of our industry. When I think back to our humble beginnings 25 years ago, I feel extremely proud. We have evolved and reached a level of professional maturity that will enable us to move confidently into a new growth phase with Squircle Capital at our side.”

The transaction entails the acquisition of MB92 Barcelona, the parent company of the group, which also counts on a 75% stake in MB92 La Ciotat, the company resulting from the merger of the businesses acquired in the French port in 2017.

“In just a few years, MB92 has managed to carve out a unique position, not only as a leader within the sector but also as an exemplary provider of refit, repair and maintenance services for superyachts,” said José Caireta, founding partner at Squircle Capital.” As private equity managers, it is refreshing to find a leading industry player with local roots, a global reach and significant room for further growth. With this acquisition, we further prove our ability to identify attractive investment opportunities in the growing superyacht industry whilst adding to an existing portfolio of solid mid-market companies and unique real estate assets across several European countries”.

The MB92 Group comprises the refit and repair shipyards MB92 Barcelona and MB92 La Ciotat. Squircle Capital also counts OneOcean Port Vell among its holdings.