McConaghy Boats Signs Deal With Tiger Group Investments
Published: Thursday, 27 February 2014
A new chapter in the 47-year history of the growth of McConaghy Boats commenced this week on Hong Kong Harbour with the signing of an investment agreement between McConaghy Boats owners Mark Evans and Jono Morris, and Graham Porter of Tiger Group Investments.
Porter is a passionate yacht owner based in Hong Kong who has built up a range of successful businesses in the commercial shipping sector since starting in Vancouver in the early 1990s. Tiger Group Investments owns and manages more than 158 container ships, dry bulk, tankers and other offshore vessels. Seaspan, one of the group’s investments, is the leading container ship lessor listed on the New York Stock Exchange.
For some time, Porter has had a keen interest in composite construction and the benefits that these materials would provide to the commercial marine sectors, as well as a range of other industries. His interest led him to McConaghy Boats, which he recognised as the world leader in this field.
The partnership provides capital for investment in state-of-the-art machinery and equipment, as well as a new facility in China. This facility will be a deep-water frontage to cater for the increasing demand for larger composite vessels and other components, with room to expand as required.
Evans and Morris continue in their roles as joint managing directors of the China and Sydney companies, as they have done for the last 14 years. Porter joins the board of the McConaghy group holding company as a director, contributing his wealth of experience to a board comprised of expertise from a range of industries and diverse backgrounds.
Even though the vast majority of McConaghy’s projects these days are completed in China, the new management team confirm that there is a long-term commitment to the Sydney-based operation and that the business will continue to pursue all opportunities available, as well as maintaining a comprehensive support base for loyal customers.