Squircle Capital has acquired 100 per cent of MB92 Group, completing the deal that began when it first took a 77.5 per cent stake in the superyacht refit specialists in 2019. The European investment firm secured that position from Turkish conglomerate Dogus for around €105 million. Squircle subsequently raised its position to 93 per cent in 2022 and to 98 per cent in 2025 before completing the buyout.

“Squircle Capital’s acquisition of 100 per cent of the company reflects its full confidence in the MB92 project and in the group’s growth potential. With their support, MB92 will continue moving forward with a long-term vision, investing in its facilities, in its team and in the qualities that define the company,” says Ben Mennem, CEO, MB92 Group.

Founded in 2012 and headquartered in Luxembourg with offices in Barcelona and Milan, Squircle manages just under €1 billion in assets across private equity and value-add real estate. Squircle also owns OneOcean Port Vell adjacent to MB92’s Barcelona yard.

Since Squircle’s initial entry, MB92 has expanded considerably. The group has added a 4,800-tonne shiplift in Barcelona, developed a 4,300-tonne platform in La Ciotat and taken over operations at Golfe-Juan, between Cannes and Antibes, following a €5 million upgrade that reopened the facility in February this year.

The refit group also acquired GYG, parent of Pinmar, Pinmar Yacht Supply and Technocraft, in a transaction announced in September 2024 and completed on 31 December, formalising a commercial relationship of more than 30 years between the two companies.

John Nery, managing partner and head of investments, Squircle, says the firm has no doubt the trajectory will continue. “MB92 has delivered an outstanding track record of operational and strategic success since our initial investment,” he says.

The move to full ownership is a notable change of direction for Squircle. According to Expansión, the firm engaged JPMorgan to explore a sale of its then 93 per cent stake in 2023. Safe Harbor Marinas is reported to have held exclusive negotiations to acquire MB92, although those talks did not conclude. Safe Harbour was subsequently acquired by Blackstone and the firm is now reportedly targeting MB92 to fuel its European expansion.

Squircle adds that MB92 is currently developing a five-year strategic and expansion plan. Full ownership removes any residual structural complexity from the shareholding and gives the group a cleaner platform from which to execute it.

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