Depa Limited, a leading provider of interior contracting services, has acquired Möbelwerkstätten Vedder GmbH (‘Vedder’), a leading luxury yacht interior design and fit-out specialist based in Germany.

Following this acquisition, Depa will become one of the largest and leading yacht interior specialists in the world.

Founded over 100 years ago in North-West Germany, Vedder designs and builds customised interiors of large luxury yachts for an exclusive international client-base.

Depa’s subsidiary Pino Meroni, a Dubai-based yacht fit-out specialist, recently secured its largest per volume and value contract to date with the fit-out of 740 sqm of a 141m luxury motor yacht currently under construction in Abu Dhabi.

Vedder already has a strong working relationship with Pino Meroni. This acquisition will unlock significant synergies for the Depa group by leveraging Vedder’s German project management expertise and European market positioning, and Pino Meroni’s competitive cutting-edge manufacturing facilities.

“This acquisition is very much in line with our strategy of acquiring specialist, market leading companies in niches areas of interior contracting and procurement. The market for yacht fit-outs is growing strongly and there is currently a three year waiting list for luxury yachts worldwide,” stated Mohannad Sweid, CEO of Depa.

“We are delighted to be joining the Depa family, which will provide us with the strategic support to continue to build on the Vedder family’s long tradition of delivering world-class yacht interiors to our esteemed clients,” added Kilian Vedder, managing sirector of Vedder.

Germany, which is Vedder’s primary market, is the fourth largest market globally in terms of luxury yachts under construction this year.

The 2008 Global Order Book, an annual report on the international yacht industry, estimates that approximately 916 new yachts measuring 80 feet or longer were under construction or were scheduled for construction at shipyards throughout the world back in September 2007.

This represents a 17.9 per cent increase on the year before.

The Global Build Report, an annual survey of the world's shipyards, estimated that luxury yachts under construction in 2007 were worth a total of $18.4 billion.-TradeArabia News Service