The end of last year marked the closing of one of the biggest deals on the market. On 31 December, MB92 Group acquired GYG Ltd, bringing the Pinmar and Technocraft brands under its expanding company umbrella. As two of the biggest names in refit, the consolidation of one of the largest paint application firms joining one of the most renowned refit providers is a major shift for the industry.

With the ink on the dotted line now dried and the dust beginning to settle, SuperyachtNews sits down with GYG CEO Remy Millott and MB92 Group Chairman Pepe García-Aubert. We discuss the two companies’ future, what bonds them and why now, after three decades of working together, is the right time to make it official.

“In many ways, this deal has been 30 years in the making. We’ve talked about it for so long that, to be honest, it felt like we were already partners. The industry assumed we were shareholders for years, but now it’s official. One of my biggest ambitions was to become a true partner with Pepe and the team and now we’ve made that happen. It’s a fantastic moment,” says Millott.

“We’ve had these conversations for years, many years,” adds Pepe. “But in the last three or four, we felt the timing was right. Like Remy said, we’ve been working together for 30 years and our teams know each other well. It’s always been a pleasure to collaborate, so this just feels like a natural move.”

When Pepe joined MB92 in 1993, he knew that yacht painting was more than an afterthought. It was a technical discipline in its own right that required expertise, infrastructure and long-term investment.

Through Peter Allan, Pinmar’s founder, Pepe and Millott first crossed paths. By the mid-90s, Pinmar had helped develop one of the first in-water paint sheds: a 75-metre facility that was extended to 125 metres in 2007 and set new standards for large-scale yacht painting. The move was a pragmatic response to an industry evolving in ambition and scale.

That same long-term thinking has come full circle. MB92’s acquisition of GYG is less of a disruptive shift than a formalisation of a long-standing alliance between two firms that have worked together for decades. But what actually changed is that now is the optimal moment to consolidate.

“The industry has reached a stage where consolidation makes sense, much like we’ve seen in other sectors. It’s more structured, more mature and the timing is finally appropriate,” says Pepe.

“When Squircle Capital acquired MB92 in 2019, one of the first things we put on the table was the possibility of an agreement with Pinmar. They were fully behind the idea, but parent company GYG was still publicly listed at the time and with the complexities of the stock market, we had to wait for the proper conditions. It took a few more years to align everything, but we always knew it would happen when the moment was right.”

Remy Millott, CEO, GYG

“We’re deeply interconnected in each other’s operations, so this move made sense on every level.”

GYG’s delisting from the London Stock Exchange marked a shift in its financial structure and ownership strategy. After years of transitions, from a private equity deal in 2015 to a public listing in 2017, securing the best long-term owner became the priority.

While public investment brought flexibility, it had its limitations. Without the ability to trade shares freely, Pinmar needed a committed industry partner rather than a revolving door of investors, so finding an owner with a long-term stake in the sector, financial stability and a fundamental understanding of the market was the goal. Naturally, MB92 fits this profile. The two companies had worked in parallel for decades and the acquisition formalised a partnership that had been in place in all but name.

Now, GYG and Pinmar will move forward with the backing of an established industry leader to drive long-term growth.

“We’re fortunate that Pepe and Squircle Capital saw this as the right time to move forward. As Pepe mentioned, consolidation is happening across the industry, but there aren’t many application companies like ours on a global scale,” explains Millott. “From MB92’s perspective, letting Pinmar end up in the wrong hands could be a potential business risk. We’re deeply interconnected in each other’s operations, so this move made sense on every level.”

Pinmar’s approach to business remains unchanged, with confidentiality remaining central to its operations. Millott stresses that this will not shift under its new shareholders.

“MB92 has always been our biggest refit client and that remains the case. But Pinmar continues to work across multiple new-build and refit shipyards, a few of whom are direct competitors with MB92. We’ve always managed confidentiality carefully. Clients trust that their projects won’t be cross-contaminated. That doesn’t change just because of this deal. If anything, it reinforces our credibility.”

From a broader industry perspective, financial stability is a key benefit of the acquisition. “Whilst some clients hesitate to commit to a single application company, concerned about financial risk or over-reliance, with the support of MB92 behind us, that concern begins to dissipate.”

GYG now has the financial backing to take on more significant projects, assume more risk and drive growth at scale. With a steady pipeline of three to six new-build projects per year, Millott believes success translates into long-term client relationships. “If you deliver on a new-build project, that client is yours for life. Longevity in this industry is built on trust and that’s exactly what we’re focused on,” he adds.

Pepe García-Aubert, Group Chairman, MB92 

This is the foundation for something dynamic that strengthens the entire group as we look towards
the next phase.”

Sustainability has been a talking point in the industry for years, but for MB92 and GYG, it has long been a strategic priority. In 2020, MB92 launched an ambitious sustainability plan, a long-term commitment to reducing emissions, improving efficiency and integrating circular economy principles into its refit operations. This acquisition is an opportunity to expand that vision.

“We’ve been working on reducing our environmental impact for over a decade,” says Pepe. “It’s not about keeping up with expectations. The industry won’t have a future unless we move in this direction. We’re already aligned with GYG in the way we think about this. Now it’s about pushing those ideas further, ensuring we’re always improving.”

GYG also has existing projects, including the electrostatic top-coating system designed to cut emissions and a plastic recycling scheme repurposing materials from refit projects and has always invested in efficiency, whether in coatings or containment systems.

Beyond operational changes, MB92 and GYG are also investing in research. There are ongoing projects with universities and external partners, although Pepe keeps details close. “There’s work behind the scenes, but we’re keeping it under wraps for now. What matters is that we’re in a position to make real progress,” he adds.

The refit market rewards those who think ahead. Shipyards expand, new facilities open and technologies evolve, but real progress comes from those willing to commit to the long game. This acquisition is as much about scale and market share as it is about ensuring that the industry’s leading names are positioned to shape the future rather than just react to it. This is what the deal ultimately comes down to for Millott.

“You only need to look at what Pepe has built to understand where this is heading,” he says. “From establishing one of the first dedicated superyacht refit facilities to expanding in Barcelona, the South of France and now the Red Sea, he’s never been one to stand still. His ability to anticipate where the industry is going is remarkable and this acquisition is just another step in that evolution.”

Pepe shares the sentiment. “We’re delighted to have Remy and the team fully on board. This is the foundation for something dynamic that strengthens the entire group as we look towards the next phase.”

With both firms closely aligned on sustainability, high service standards and long-term industry leadership, there’s a clear sense of momentum now that the deal has closed. Both companies have built strong teams and that shared history looks to strengthen its future.

“This could have happened sooner, but what matters is that it’s happening now,” adds Millott. “It’s an exciting time for everyone involved.”

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GYG Ltd

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