Grand Banks Yachts plans to acquire Palm Beach Motor Yacht Co. of Australia, which builds five models ranging from 45 to 65 feet LOA. When the acquisition is complete, Palm Beach Motor Yacht founder Mark Richards will become CEO of the enlarged group.
Grand Banks will continue to build its yachts in Malaysia, while Palm Beach models will continue to be built in Australia. Both will be sold in North America, Australia, Asia and Europe. The United States is currently the largest market for Palm Beach models.
“With Mark as incoming CEO, this critical leadership role will be filled by a qualified boatbuilder with a deep passion and experience for yachting, combined with a proven track record of technological innovation and success in building and marketing boats internationally,” Grand Banks Chairman Heine Askaer-Jensen stated in a press release. “It is a rare combination and a remarkable fit coming at a critical juncture of Grand Banks’ own transformation.”
Richards founded Palm Beach in 1995. He is a seven-time champion skipper of the Sydney-to-Hobart race, he led Australia’s victory in the U.K.’s most recent Admiral’s Cup and he has represented Australia in two America’s Cup regattas.
Peter Poli, currently the acting CEO of Grand Banks, will continue as chief financial officer of the enlarged group once Richards takes over.
For more on Grand Banks, visit www.grandbanks.com.
