Marina Barcelona 92 takes 75% stake in Compositeworks

Marina Barcelona 92 (MB92) has today announced it has taken a 75% stake in Compositeworks. The remaining 25% will remain in the hands of current shareholders.

Compositeworks will continue under the management of president Benjamin Mennem, alongside his operational and technical teams.

After being first announced earlier this year, a formal agreement was signed in Barcelona on October 31st, led by law firms Gide Loyrette Nouel (Paris), in collaboration with Cuatrecasas (Barcelona), representing the buyers; and Clifford Chance (Netherlands) representing the sellers.

The union will see MB92, Compositeworks and Blohm+Voss La Ciotat (a shipyard managed by MB92) work together to take full advantage of La Ciotat’s facilities. The shared objective is to continue to attract high quality projects, further develop the service offering to clients and build on the excellent works already being achieved on the Cote d’Azur.

Pepe García-Aubert, managing director of MB92, commented, “We believe in the development of La Ciotat as a world class Refit & Repair centre. This is not only due to its location but also the immense industrial possibilities based there. Through working closely with all La Ciotat Shipyard (SEMIDEP), we are absolutely convinced that in just a few years we will achieve one of our main objectives in consolidating La Ciotat as a global reference point for excellence."

Benjamin Mennem, president of Compositeworks, stated, “Together, we are now the leading and the largest repair and refit group worldwide. We intend to make sure that using our combined synergies, we can provide an even better service to our clients in both Barcelona and La Ciotat.”

For more information, visit Marina Barcelona 92 and Compositeworks.

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