Privately owned Burgess Marine has bought Devon-based procurement group Global Services and sister business Global New Builds, which both cater to the superyacht sector.
The deal, which was funded by an £11m investment by RJD Partners last year, will expand Burgess’ exposure to the sector, adding to its current work, which is dominated by the commercial and military markets.
Nicholas Warren, chief executive of Burgess, said that while the transaction was an acquisition, “The operational reality is far, far closer to that of a merger”.
Global provides fittings for yachts ranging from construction materials to the finishing items demanded by owners, such as artworks and jet skis. Combining Global’s purchasing power with Burgess's expertise is expected to generate costs savings without reducing staff numbers.
Burgess has nine UK shipyards and one in Palma. It hopes that the tie-up will create more work for its Portsmouth and Palma bases, with the latter a frequent port of call for superyachts.
Mr Warren went on, “Our intent is to deliver efficiencies by adopting Global’s state-of-the-art software, promoting more superyacht refits to both our Portchester and Palma footprints. We’ll also be using this merger to expand both our agency network and our offering within the superyacht sector.”
Burgess has worked on prestigious yachts in recent years including repairs, refits and rebuilds of multi-million pound vessels including motoryachts Bystander, Shemara, Amaryllis, Alamshar, iDynasty and Lady A.
The deal marks a milestone for Richard Gardiner, founder of Global, who is staying with the business. He said, “Having taken Global literally from the garden shed to a major trade sale I am extremely proud of all that we have achieved.
“I am extremely excited about what the future now holds for the bigger business."
The value of the sale remains undisclosed, but it has been reported to be in the low millions.
For more information, visit Burgess Marine.