Grand Banks Yachts plans to acquire the Stuart Service Yard in Stuart, Florida for US$3.2m and turn it into its official US headquarters. The company said in a statement that it has entered into a stock purchase agreement to acquire the entire stake of Stuart Yard Corporation. About US$1m will be paid in cash and the remainder will be paid over six years.

The Singapore-based builder said it will consolidate its existing Florida offices into the new headquarters. The company manufactures the Grand Banks, Eastbay and Palm Beach brands of yachts in Malaysia and Australia. Samuel Compton, named managing director of Grand Banks America, will run the operation.

The property includes seven berths and 12,000sq ft of waterfront offices, shops and maintenance facilities. It also houses repair equipment like a 50-tonne travel lift, floating workshop, deep-water docks and concrete haul-out area.

“The opening of Grand Banks’ new regional headquarters will not only boost the sales and popularity of our iconic boat brands in the US but also enable us to forge closer relationships with new and existing customers,” Compton said in a statement.