18 Sep 2012

Global Yachting Group launched as Palma companies form joint venture

By

Don Hoyt Gorman

The shareholders of Pinmar and Rolling Stock have announced that they have agreed to form a new superyacht industry business, Global Yachting Group, which will provide superyacht services to new build, refit and supply related projects across the two companies’ combined network worldwide.

Pinmar and Rolling Stock will each continue to trade independently, and both firms will retain their individual boards, management and brand identities. They will also continue to compete, though their current customer base does not significantly overlap according to those familiar with the deal.

Rolling Stock Chandlery and Pinmar Supply will merge and trade under the name of Pinmar Supply SL. Yacht Covering Systems SL (currently trading as Pinmar Covering) and Techno Craft SL will merge and trade under the name of Techno Craft SL.



“I believe this is one of the most important joint ventures in our industry to date,” Remy Millott told SuperyachtNews.com. “It creates a strong infrastructure, with wide geographical coverage, able to deliver a full range of high quality services to the growing yacht market with its varying project sizes and demanding deadlines.”

“The beauty of forming this service group is that both of the finishing companies retain their independence but gain enhanced logistical and supply support,” said Mark Conyers, Rolling Stock CEO. “Allied with greater flexibility and efficiency, Global Yachting Group will be able to tackle any project anywhere on the globe while not losing focus on our centre of operations in Palma de Mallorca.”



“Being aware of cultural and perceived differences between our companies, we felt it important to continue with our individual paint brands to remain loyal to existing clients, while benefiting from the vast experience and best practices of the enlarged group,” said Rupert Savage, Rolling Stock MD. “In addition to our existing services, we will be launching ‘RS Finishing & Refinishing LITE’ – a paint division specifically focused on providing economical refinishing solutions for vessels under 30 metres.”

Millott, Conyers and Savage will now sit on the new board of Global Yachting Group along with other shareholders, while retaining their roles within their respective firms. The new group is expected to have an annual turnover of 45 million euros, and have a total workforce of over 300 employees. Recent investments have been made in a joint workshop facility in Palma and a new supply centre at MB92 in Barcelona.

Both Pinmar and Rolling Stock will be exhibiting as separate entities at the 2012 Monaco Yacht Show but will be available to discuss the new joint venture at stands QD30 and QJ8 respectively.



Related Links

Global Yachting Group Website

Pinmar Profile | Pinmar Website

Rolling Stock Profile | Rolling Stock Website

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