EXPANDING PRIVATE EQUITY INVESTMENT PORTFOLIO THROUGH ACQUISITION IN THE SUPER YACHT SERVICES INDUSTRY
(Kingston, Jamaica) Sygnus Deneb Investments Limited (“SDI”), the Private Equity investment company managed by Sygnus has announced its equity investment in Caribbean Marine Investments (“CMI”), an integrated group of companies based in St. Maarten and Guadeloupe that operate in the maritime industry in the Caribbean. CMI wholly owns International Marine Management (IMM), FKG Marine and Dockside Management. The deal was closed on February 15, 2023.
SDI strategically continues to build on its growing portfolio of companies, having completed two major acquisitions at the end of 2022, and now adding CMI to its lineup. The investment by SDI will assist CMI in its strategic expansion to broaden its service offerings to the Caribbean and Latin America. CMI has the unique experience and expertise required to excel within the superyacht industry. The principals have been leaders in yacht refit in Europe and have proven their ability to translate that knowledge and success to the Caribbean.
“This investment in CMI is aligned with Sygnus Deneb’s strategy of providing growth capital in key growth industries, as we continue to expand our regional footprint. The CMI team has demonstrated their capability in the yacht refit and repair business over the past 15 years and we are excited to partner with them as they seek to grow and expand their business.” stated Ike Johnson, Chief Operating Officer, Co-Founder and Head of Private Equity and M&A at Sygnus Group.
The global Superyacht industry is growing year over year, with the Refit and Repair industry gradually becoming an important part of the global yachting industry. Demand for Refit & Repair services has outstripped the capacity in existing facilities, resulting in a backlog. CMI, with its suite of maritime services, has been positioning itself as a fully integrated maritime solutions provider and the leader in the Caribbean for Superyacht Refit & Repair services.
Norina Edelman, Co-founder and CEO at IMM Group added that “CMI’s strategic partnership with Sygnus will allow our continued growth and development in the Caribbean, and will enable us to realize our dream of being an internationally competitive option for superyacht refit and repair.”
Fabrice Maitre, Co-Founder and Chief Operations Officer of the IMM Group shared “The alliance with Sygnus will enable CMI to realize its full potential as the premier superyacht refit company in the Caribbean, and one of the top companies worldwide.”
Stephen Wright, Assistant Vice President for Private Equity and M&A stated, “This investment provides exposure to an industry that is less sensitive to economic shocks and inflationary pressures and also has a great growth trajectory. CMI is also a part of an ecosystem of related businesses that drive each other, and will benefit from both revenue and geographical diversification.
Wright added, “Sygnus Deneb has a robust pipeline of opportunities valued at US$100M, spanning various industries across the Caribbean.”
SDI is a regional Private Equity (PE) investment company, dedicated to providing equity and mezzanine capital in the key growth industries. SDI targets investments in medium-sized companies with revenue ranging from US$5 million to US$50 million. The fund invests in Private or Public Companies via Equity, Convertible Preference Shares, Subordinated Debt and other hybrid securities with equity components.
Sygnus is the leading alternative investment management company in the Caribbean and Latin America, spanning private credit, real estate, and private equity. Sygnus manages Sygnus Credit Investments Limited (SCI) (80 Lady Musgrave Road) which is listed on the JSE and the largest Private Credit Investment company in the English-Speaking Caribbean. SCI is a pioneering private credit investment company, which offers creative debt financing to middle market businesses across the Caribbean. Sygnus Real Estate Finance Limited (SRF) provides flexible capital (Debt or Equity) to all classes of real estate assets (commercial, industrial, or residential). Sygnus Deneb Investments Limited (SDI) invests private equity capital in companies in the form of growth capital, buyouts, and turnarounds. The Sygnus Group also includes Acrecent Financial Corporation in Puerto Rico, a non-bank financial institution that provides asset-backed loans and leases to SMEs in Puerto Rico. Sygnus also offers its clients Investment Banking and Wealth Advisory..