U.S.$21 million deal brings prime waterfront, full-service marina to the Grand Banks portfolio
Grand Banks Yachts is making waves yet again. The legendary boat builder has set its sights on Newport, Rhode Island, snapping up Casey’s Marina in a U.S.$21 million acquisition that adds yet another strategic outpost to its growing U.S. presence.
Newport isn’t just any boating town. It’s the beating heart of America’s sailing scene, a place where salt air and legacy mix with high-performance yacht racing and deep-seated maritime traditions. Now, Grand Banks Yachts is staking its claim on this hallowed waterfront.
A power play on the U.S. East Coast
In a move that highlights its expansion strategy, Grand Banks is set to acquire two key properties from Casey’s Marina Inc. and its associated partners. Located at 128 Long Wharf and 1 Spring Wharf, the marina boasts everything a yacht owner could need: a full-service marina with slips for 20 boats, on-land storage, a covered workshop, guest accommodations, and other high-end amenities. It’s a one-stop shop for boat maintenance, storage, and top-tier service.
Grand Banks’ U.S. arm, Stuart Yacht Corporation, has already put down a $1 million deposit to lock in the deal. The remaining payments will be staggered, with $5 million more in cash due upon completion and the balance—$15 million—spread over four years, capped by a final $7.5 million balloon payment. The funds will come from a mix of internal reserves and external financing.
Grand Banks’ expansion playbook
This isn’t Grand Banks’ first rodeo when it comes to marina acquisitions. The brand has been on a mission to strengthen its hold on the U.S. market, with the East Coast being a prime target. CEO Mark Richards is clear about what this deal means for the company.
“This acquisition will have immense strategic value to enhance our future sales and customer experience,” says Richards. “The Group will be able to build a stronger presence and attract new customers within the prestigious North East region of the USA.”
In other words? Grand Banks isn’t just selling yachts—it’s buying the places where they’re serviced, stored, and shown off. Owning prime waterfront real estate in Newport cements its ability to offer world-class service, keeping loyal customers close and prospective buyers even closer.
The Newport advantage
Newport is a global yachting hub, home to some of the world’s most prestigious sailing events and historic clubs. With this acquisition, Grand Banks is setting up shop in a location where the elite of the boating world gather. The strategic value is undeniable.
It means an expanded customer base, a foothold in one of America’s most sought-after boating regions, and another notch in the company’s ever-growing legacy.
What’s next?
The deal isn’t quite a done deal yet. Due diligence is still in play, and Grand Banks shareholders need to sign off on the acquisition in an upcoming Extraordinary General Meeting. In the meantime, watching Grand Bank’s next moves will be interesting to watch.
