MarineBusiness-World.com
 
 
News Home FishingBoating Photo Gallery Australian Cruising Sail-World Australia
Sail-World.com : Singapore’s Grand Banks Yachts to acquire Aus. boat builder Palm Beach
Singapore’s Grand Banks Yachts to acquire Aus. boat builder Palm Beach

'Palm Beach - Sanctuary Cove International Boat Show 2012'    Mark Burgin    Click Here to view large photo

Singapore’s Grand Banks Yachts To Acquire Australian Boat Builder Palm Beach - Singapore, 11 April, 2014 – Grand Banks Yachts Limited announced today it would acquire a 100%-stake in Palm Beach Motor Yacht Co Pty Ltd of Australia. Upon completion of the acquisition, Palm Beach founder Mark Richards – one of Australia’s most successful yachtsmen in recent times – will be appointed CEO of the enlarged Group.

Grand Banks said the transaction would strengthen the position of the Singapore-listed luxury motor yacht builder as a global company with two world-class brands that are well represented in the leading markets of the North America, Australia, Asia and Europe. The manufacturing facilities of both brands will continue to operate at their respective locations – Grand Banks in Malaysia and Palm Beach in Australia.

Mark Richards celebrates clinching the line honours win - Rolex Sydney to Hobart 2013 -  © Rolex - Carlo Borlenghi   Click Here to view large photo
Palm Beach designs and builds five different highly-customized yacht models ranging from 45 to 65 feet which are mostly sold in the United States – its largest market. Palm Beach was founded in 1995 by Richards, 46, a seven-time champion skipper of the 628-mile Sydney-to- Hobart yacht race between 2005 and 2013. Richards also led Australia to victory in the last Admiral’s Cup race in the U.K. in 2003 and has participated in two America’s Cup regattas, representing Australia.

Under Richards’ leadership, Palm Beach has developed a global reputation for designing and producing one of the highest quality and most efficient luxury motor yachts in today’s market by utilizing modern materials and construction technologies.

'With Mark as incoming CEO, this critical leadership role will be filled by a qualified boat- builder with a deep passion and experience for yachting, combined with a proven track record of technological innovation and success in building and marketing boats internationally. It is a rare combination and a remarkable fit coming at a critical juncture of Grand Banks’ own transformation,' said Heine Askaer-Jensen, Grand Banks’ Chairman.

Richards said: 'This transaction is a major personal decision which is driven by my firm belief that the expanded investment and development of both Palm Beach and Grand Banks, together with the skills and collective will of the two brands, will combine to make the enlarged group one of the world’s leading luxury boat-building companies. I have deep respect for the Grand Banks brand, and it will be a great honor for me to further strengthen the brand and to lead it to continued success. '

Upon appointment of Richards as CEO, Peter Poli will relinquish his role as Acting CEO and continue with his role as Chief Financial Officer of the enlarged Group.


by WeR1 Consultants


  

Click on the FB Like link to post this story to your FB wall

http://www.marinebusiness-world.com/index.cfm?nid=121002

8:27 AM Fri 11 Apr 2014GMT


Click here for printer friendly version
Click here to send us feedback or comments about this story.







Marine Business News

























































Great Barrier Reef plan released for comment by Queensland Minister for Environment,










Brisbane Boat Show - Opens with great attractions and innovations
Collinson FX Market Commentary: September 13, 2014 - AUD pressured
Thai drama with Phuket yacht clampdown
Brisbane Boat Show begins *Feature
PSP Southampton Boat Show - What’s the whisper about Whisper?
PSP Southampton Boat Show - Opening day images
Collinson FX Market Commentary: September 12, 2014 - NZD loses ground
P&O and Princess Cruise Ships to continue operating into Abell Point
Sailing Rallies launch two new events at PSP Southampton Boat Show
Abbott Government delivers on marine conservation promise
Garmin ClearVü™ with CHIRP sonar-chartplotter series
Multihull Central: Record sales, Outremer blog, Regattas and much more
Collinson FX Market Commentary: September 11, 2014 - Dollar rallies
Victorian Marina Industry hit with above average taxes and charges
4th Multihull Solutions Whitsunday Rendezvous an outstanding success
Lowrance signs exclusive partnership with Skeeter Boats
Get your entry in to win a Suzuki Powered Rigiflex Safety Boat
Collinson FX Market Commentary: September 10, 2014 - Apple inspires
Stefan Boating World launches new models at Brisbane Boat Show
Record numbers expected at 2014 Ocean Marina Pattaya Boat Show
British Sailing Team join forces with Zhik for new clothing range   
Command Thrust outboards with Counter-Rotation find eager market   
Collinson FX Market Commentary: September 9, 2014 - UK Breakup   
Record sales driven by new interest in catamarans   
Southport Yacht Club celebrates opening of 68th season *Feature   
Brisbane Boat Show starts Friday - biggest in 10 years! *Feature   
Marine Auctions adds new recruits *Feature   
Ministerial advisory group launched by united marine industry sector   
2014 Auckland on Water Boat Show: Coming up at the end of September   
Australian research sheds light on ocean garbage gyres *Feature   
Sevenstar Yacht Transport names Kris Caren West Coast Representative   
New Masts for an historic Australian boat - the Young Endeavour   
Round the World racer joins Southern Pacific Inflatables   
Dinghy foiling takes off around the world   
2014 Gold Coast Int'l Marine Expo - Quintrex factory opens its doors   
New exhibition explores role of Royal Australian Navy in WWI   
18 anti-piracy weapons for ships to fight pirates   
Hamilton Island Audi Race Week 2015 - Accommodation options   
Sydney Sailboat Expo 2015 site confirmed   
Skysol Frame Large: A new shading solution for sunroofs   


For this week's complete news stories select    Last 7 Days
   Search All News
For last month's complete news stories select    Last 30 Days
   Archive News







Sail-World.com  


















Switch Default Region to:

Social Media

Asia

Australia

Canada

Europe

New Zealand

United Kingdom


http://www.sail-world.com/event_images/image/Twitter_logo_small.png http://www.sail-world.com/event_images/image/FaceBook-icon.png  http://www.sail-world.com/event_images/image/RSS-Icon.png

United States

Cruising Northern

Cruising Southern

MarineBusiness World

PowerBoat World

FishingBoating World

 

Contact

Commercial

News

Search

Contact Us

Advertisers Information

Submit news/events

Search Stories/Text

Feedback

Advertisers Directory

Newsletter Archive

Photo Gallery

 

Banner Advertising Details

Newsletter Subscribe

Video Gallery

Policies

 

 

 

Privacy Policy

 

 


Cookie Policy

 

 



This site and its contents are © Copyright TetraMedia and/or the original author, photographer etc. All Rights Reserved.  Photographs are copyright by law.  If you wish to use or buy a photograph contact the photographer directly.
XLXL NEW MBW
LocalAds   DE  ES  FR  IT