Grand Banks Purchases Palm Beach Motor Yachts
Published: Monday, 26 May 2014
Grand Banks officials expanded on the purchase of Sydney-based Palm Beach Motor Yachts during the Sanctuary Cove International Boat Show on the weekend.
Chief Financial Officer and acting CEO of Grand Banks Peter Poli confirmed that the transaction was a 100 per cent purchase of Palm Beach. He also said that Palm Beach founder and CEO Mark Richards would take over the role of the expanded group and would take up a shareholding in Grand Banks.
He said that the purchase was subject only to a shareholder vote.
“Grand Banks is a publicly listed company in Singapore,” he said. “We will distribute a document detailing the purchase plan to our shareholders in June and expect a shareholder vote in July.”
Poli said he does not expect any resistance to the purchase.
He said Mark Richards would spend about half of his time at Grand Banks’ Malaysia manufacturing yard.
Poli said the two brands would complement one another.
He said Grand Banks would benefit from Richards' vision and business skills and the company would utilise its strong dealership network in the United States to further promote the Palm Beach brand into that large market.
He said that Palm Beach would continue to build at its facility near Sydney but that the yard had limited capacity to expand.
"We have capacity in Malaysia and would expect that continued growth both of the Palm Beach and Grand Banks sales volume and model ranges can be accommodated at our yard."