Grand Banks Yachts announced plans to acquire Casey’s Marina and one other property in Newport, R.I., for $21 million. The deal includes a full-service marina, a covered workshop, boat storage, guest accommodations, supporting amenities, and parking areas.
“I am very excited with this opportunity for the group,” Grand Banks CEO Mark Richards said in a statement. “This acquisition will have immense strategic value to enhance our future sales and customer experience. The group will be able to build a stronger presence and attract new customers within the prestigious Northeast region.”
The acquisition remains subject to due diligence, and Grand Banks will hold a shareholder meeting to seek approval, the company said.
Casey’s Marina, known for its prime waterfront location, has served as a hub for boat owners and maritime enthusiasts in Newport, a city renowned for its sailing culture. With the addition of the property, Grand Banks aims to expand its market reach and offer enhanced services to its clientele.
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