Marina Barcelona 92 Takes 75% Stake in Compositeworks

Marina Barcelona 92 (MB92) and Compositeworks (CW) announced today that MB92 has taken a 75 per cent stake in Compositeworks. The remaining 25% will stay in the hands of current shareholders. Compositeworks will continue under the current management of Benjamin Mennem as president alongside his operational and technical team.

A formal plan was signed the 31st of October in Barcelona, led by the law firm Gide Loyrette Nouel (Paris) in collaboration with the law firm Cuatrecasas (Barcelona) representing the buyers; and the law firm Clifford Chance (Netherlands), representing the sellers.

Thanks to this union, MB92 and CW, also with Blohm+Voss La Ciotat, a shipyard managed by MB92 and located next to Compositeworks, will all work seamlessly together in order to take full advantage of the La Ciotat facilities and to attract high quality projects; further develop the service offering to clients; and to build on the excellent works already being achieved on the Cote d’Azur.

Pepe García-Aubert added that, "We believe in the development of La Ciotat as a world class Refit & Repair centre. This is not only due to its location but also the immense industrial possibilities based there. Through working closely with all La Ciotat Shipyard (SEMIDEP), we are absolutely convinced that in just a few years we will achieve one of our main objectives in consolidating La Ciotat as a global reference point for excellence."

"Together, we are now the leading and the largest repair and refit group worldwide. We intend to make sure that using our combined synergies, we can provide an even better service to our clients in both Barcelona and La Ciotat." concluded Mr Benjamin Mennem, President of Compositeworks.