| USA. Merrill-Stevens acquires another broker & plans $40 million expansion of megayacht facility |
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| Monday, 02 January 2006 | |
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Marian Martin Merrill-Stevens is to acquire the international yacht brokerage Koch, Newton & Partners and will expand the capacity of its Florida megayacht repair and refit facility to vessels of 250 feet and 2500 tonnes. The two companies have reached an agreement and expect to complete the acquisition in late December 2005 or early January 2006. Merrill-Stevens’ acquisition of Koch Newton & Partners is in line with the company’s strategic plans. Founded in 1990, KN&P has offices in Fort Lauderdale, Florida, Palma de Mallorca, 65.6 feet) in length. “This is a perfect marriage for Merrill-Stevens,” said Fred Kirtland, CEO of Merrill-Stevens. “it is our most dramatic acquisition. It will give Merrill-Stevens the ability to fully service the yachting industry in Europe and around the world.” . “Koch Newton’s specialty in the sale, acquisition, and charter of quality motor yachts played a key role in our decision to acquire KN&P.” said Whit Kirtland, president, Merrill-Stevens Yacht Sales Division. “The yacht sales industry has experienced more than 30 % growth in the past few years and is expected to grow another 20-25 % in the next couple of years. This merger will position the company to take full advantage of that market growth.”. “We are thrilled to be working with Merrill-Stevens on this new venture,” said Rob Newton, managing director, Koch Newton & Partners, Fort Lauderdale. “We are interested in creating a one-stop shop for yacht owners.” “The merger with Merrill-Stevens will help us create a larger firm able to offer a full range of services and enjoy significant competitive advantages.” said Jurgen Koch, managing director, Koch Newton & Partners, Spain. Merrill-Stevens was recently appointed as the preferred service provider in the USA. for Benetti, the world’s leading megayacht builder. It will service Benetti’s worldwide fleet from its Miami operations and is to send service technicians and managers to Italy for training and to familiarize themselves with Benetti yachts and systems. “We are thrilled to be working with Benetti as their preferred service provider.” said Hugh Westbrook, owner of Merrill-Stevens. “We are proud to provide Benetti with a first class yacht service facility and to be a part of their expanding service operations.”. Merrill-Stevens current facilities, on the Miami River, can service yachts up to 150 feet, but there are plans for a $40 million expansion that would enable it to handle vessels of up to 250 feet. The improvements would include a new ship lift capable of lifting yachts of up to 2,500 tons and a 120 feet high workshop. The river is being dredged for larger boats through a government project. The expansion would increase Merrill-Stevens' Miami workforce from 140to about 320 and is another stage in an agressive expansion, since Hugh and Carole Westbrook bought Merrill-Stevens, in December 2004, after selling their Vitas Healthcare Corporation for $406 million. |
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| Last Updated ( Monday, 02 January 2006 ) |
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