Grand Banks Yachts acquiring Stuart Service Yard in Florida to serve as US HQ

SINGAPORE (Feb 26): Grand Banks Yachts is acquiring Stuart Service Yard in Florida to serve as its official US headquarters, consolidating its presence in the world’s biggest boat market.

The luxury boat builder has entered into a stock purchase agreement to acquire the entire stake of Stuart Yard Corporation, which owns the property, for US$3.2 million ($4.2 million). Of this, US$1.0 million will be paid up front in cash and the remainder of US$2.2 million over six years.

Grand Banks will consolidate its existing Florida US offices and storage under the new headquarters, which will be run by Samuel Henry Compton, who will be re-designated as the Managing Director of Grand Banks America. The marina will replace the group's existing rental facilities and berths, acting as a private dock and exhibition venue for its boats in the US.

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