MIAMI - December 22, 2005 - Merrill-Stevens Dry Dock Co. today announced its intent to acquire the international yacht brokerage firm Koch, Newton & Partners (KN&P). The two companies have reached an agreement and expect to complete the acquisition in late December 2005 or early January 2006.

Merrill-Stevens acquisition of Koch Newton & Partners is in line with the companys strategic plans and owners vision, and will add great depth to the Merrill-Stevens brokerage and charter divisions.

Founded in 1990, KN&P has offices in Fort Lauderdale, Florida, Palma de Mallorca, Spain and Singapore and focuses on the sale and charter of mega yachts over 20 meters (65.6 feet) in length.

“This is a perfect marriage for Merrill-Stevens,” said Fred Kirtland, CEO of Merrill-Stevens. “It is our most dramatic acquisition. It will give Merrill-Stevens the ability to fully service the yachting industry in Europe and around the world,” he said.

“Koch Newtons specialty in the sale, acquisition, and charter of quality motor yachts played a key role in our decision to acquire KN&P,” said Whit Kirtland, president, Merrill-Stevens Yacht Sales Division. “The yacht sales industry has experienced more than 30 percent growth in the past few years and is expected to grow another 20-25 percent in the next couple of years. This merger will position the company to take full advantage of that market growth,” explained Kirtland.

“We are thrilled to be working with Merrill-Stevens on this new venture,” said Rob Newton, managing director, Koch Newton & Partners, Fort Lauderdale. “We are interested in creating a one-stop shop for yacht owners.”

“The merger with Merrill-Stevens will help us create a larger firm able to offer a full range of services and enjoy significant competitive advantages,” said Jurgen Koch, managing director, Koch Newton & Partners, Spain.

Koch, Newton & Partners is a 15-year old international yacht brokerage team specializing in the sale, acquisition and charter of quality large motor and sailing yachts. Since its inception in 1990, the companys efforts and results have earned it a place amongst the most prominent brokerage companies worldwide.

Founded as Merrill & Son in the Florida Territories in 1866 by Capt. James Gilman Merrill in Jacksonville, Merrill-Stevens evolved from a blacksmith shop focused on marine services to the World War II eras largest Atlantic shipyard south of Norfolk, VA. Incorporated formally in 1885 by James Eugene Merrill, the family-owned business is Floridas oldest continuously operating company.