A new chapter in the 47-year history of the growth of luxury yacht builder McConaghy Boats has started on Hong Kong Harbour this week. The investment agreement has been signed by McConaghy Boats owners, Mark Evans and Jono Morris, with Graham Porter of Tiger Group Investments.
Luxury superyacht Adastra built by McConaghy Boats
Graham is a passionate yacht owner based in Hong Kong, who has built up a range of successful businesses in the commercial shipping sector since starting in Vancouver in the early 1990s. Tiger Group investments now owns and manages over 158 container ships, dry bulk, tankers and other offshore vessels. Seaspan, one of the Tiger group investments, is the leading container ship lessor listed on the NYSE.
For some time Graham has had a keen interest in composite construction and the benefits that these materials would provide to the commercial marine sectors as well as a range of other industries. His interest lead him to McConaghy Boats who he recognised as the world leader in this field.
The new partnership provides capital for investment in new state of the art machinery and equipment as well as a new facility in China. The new facility will be a deepwater frontage to cater for the increasing demand for larger composite vessels and other components, with room to expand as required.
Mark Evans and Jono Morris continue in their current roles as joint managing directors of both the China and Sydney companies as they have done for the last 14 years. Graham has joined the board of the McConaghy group holding company as a new director, contributing his wealth of experience to a board comprised of expertise from a range of industries and diverse backgrounds.
Recognising the successful partnership between Mark Evans and Jono Morris that has lead to the internally funded expansion of McConaghy Boats over the last 15 years, Graham is adamant that the existing business model and management team around Mark and Jono should remain unchanged, and that his contribution will be to support and sustainably grow the existing core business whilst pursuing new opportunities for growth in other markets.
Mark, Jono and Graham recognise that the heart and soul of the McConaghy group is embedded in Sydney’s northern beaches, with a team of unrivalled levels of skill and experience. Even though the vast majority of the projects these days are completed in China, the new management team confirm that there is a long term commitment to the Sydney based operation and that the business will continue to pursue all opportunities available, as well as maintaining a comprehensive support base for McConaghy loyal customers.
As the next phase in the growth of McConaghy Boats starts to unfold there will be more exciting news coming soon.
