GYG goes public

GYG has floated on the London Stock Exchange, valuing the company at £46.6 million.

The Barcelona-based superyacht painting, supply and maintenance company is now publicly listed on AIM, the LSE’s international market for smaller growing companies.

It aims to use its admission to AIM to grow its profile, incentivise key employees, and use AIM-quoted shares to pay for future acquisitions.

CEO Remy Millott said the move represented “an important milestone in GYG’s history”.

He added: “We have been very pleased with the level of demand we have received from investors and would like to welcome our new shareholders to our register, as well as thanking our existing investors for their continued support.

“The superyacht market is growing and resilient, and I am very excited about the next stage of our journey as we continue to grow our global offering.”

GYG provides a number of services to the superyacht sector, including repainting vessels as part of refit programmes, fairing and painting new vessels, and supplying maintenance materials and spare parts. It was formed in 2012, when Pinmar SL and Rolling Stock SL merged, and now operates across the Mediterranean, northern Europe and the US.

It reported revenue of €54.6 million last year, with adjusted EBITDA of €6.7 million, and expects its addressable market to grow from €290 million per annum in 2015 to €393 million per annum by 2020.

The company says it is “well positioned within a growing and resilient market” and has a “track record of profitability with strong levels of repeat business”. Its customers include 25 of the 50 largest superyachts, and it claims to have a customer retention rate of 86%.