South Beach Spirits (SBES), formerly known as CME Realty, has signed a definitive securities exchange agreement with St Martin Powerboats in order to enhance its portfolio and to gain monetary control.

The agreement entitles SBES to acquire St Martin Powerboats in exchange for granting the American watercraft manufacturing company a 50% equity interest in the acquiring company.

As per the agreement, while SBES will become the parent company for St Martin, the latter’s management will become a part of SBES’ management.

SBES is an alcoholic beverage distributor based in Florida, US.

Marine equipment manufacturing company Wärtsilä, which has recently launched Genius services portfolio, plans to further improve the portfolio and modernise its technology by taking over Eniram, a Finnish technology company, for $47.5m.

An acquisition agreement for the same has been signed between both the companies in this respect.

The acquisition will initially entitle the Finnish company to continue operating its business independently with support from Wärtsilä.

Image: Wärtsilä is a marine equipment manufacturing company. Photo: Courtesy of GeorgHH.