Squircle Capital acquires an ‘extra’ 15% stake in the Marina Barcelona shipyard
Squircle Capital expands its stake in the Marina Barcelona 92 (MB92) shipyards. The fund directed by José Caireta has formalized the purchase of an additional 15% in the maintenance and repair group of superyachts with facilities in Barcelona and Marseille. The manager entered the capital of the firm in 2019 when it took over 77.5% of the shares and now expands its percentage up to 93% while the front conglomerate its international expansion.
The investment fund with offices in Luxembourg, Milan and Barcelona entered the company three years ago after disbursing around 105 million euros. At that same moment, and the possibility of expanding its exposure with the purchase of shares in the Turkish Dogus Group -former reference shareholder- and part of the management team, explain sources close to the operation to elEconomista.es. If the valuation stabilizes, the acquisition of an additional 15.5% should be closed for approximately 21 million.
The current agreement brings to 2025 the possibility for Squircle to once again grow in the group’s capital and further increase its stake in the world leader in repair and maintenance of this type of ship. “We are committed to supporting management in their expansion plans; MB92 has had phenomenal success since our investment and we have no doubt that this will continue,” says Caireta, formerly CEO of Reig Capital Group.
“The investment indicates Squircle’s confidence in MB92”, celebrates its president
“This new investment indicates Squircle’s confidence in MB92 to lead the reconditioning industry, with innovation and sustainability,” adds Pepe García-Aubert, MB92 President and minority shareholder.
The investment was made despite two particularly difficult years for the business. If first the pandemic cut off tourist activity, then it was the sanctions against the Russian oligarchs – one of the big clients – that affected the normal operation of MB92. The group, for example, collaborated in the immobilization of the yacht Valerie, linked to the oligarch Sergei Chemezov.
Squircle herself had to break relations with Russian money. He liquidated the fund in which Vagit Alekpérov, former president and shareholder of Lukoil, had invested, which had assets such as a luxury housing block on Plaça Francesc Macià in Barcelona. He also disassociated himself from Marina Port Vell, where he represented the magnate in the capital.
MB92 grows despite setbacks: more than 200 million revenues
Despite the setbacks, Marina Barcelona aspires to close the year with an Ebitda of more than 20 million and a turnover of more than 200 million euros. In 2019, Ebitda was 17 million and sales 150 million.
Since then, the group inaugurated in the Catalan capital its ship lift of up to 4,800 tons, which allows it to beach and move superyachts up to 115 meters in length. The investment was 50 million euros, explained at the time.
This 2022 was the year of international expansion. MB92 inaugurated its new platform in La Ciotat (Marseille) and signed an agreement with the companies Al Seer Marine and P&O Marinas to build a new shipyard in the United Arab Emirates in 2026.