boatingbusiness.com
JULY 2021
Person Behind the Face 6 | Business Matters 10 | Marketing 19 | People 23 | Profile 24
FAIRLINE YACHTS SOLD
NEWS
Sir Peter dies Navico acquisition Legal action pages 1-9
MAST, SAILS, SPARS AND RIGGING Fairline Yachts has been sold to Hanover Investors for an undisclosed sum. The luxury boatbuilder says it is currently enjoying a buoyant global market and the sale capitalises on this. “It is a testament to the hard work of the team here at Fairline, that a firm with the calibre of Hanover Investors has decided to back us,” said Peter McNulty, Fairline Yachts CEO. “It has an excellent track record of working with companies through its world class approach to integrating both investment and operations, with a particular focus on internationalising companies.” He added: “While we already have an impressive international footprint, with Hanover by our side, I know we can go a lot further and faster.”
8 CGI of Fairline Yacht's re-imagined flagship model, the Squadron 68, due to launch at boot Düsseldorf 2022
Jason Carley, senior partner of Hanover Investors, was a board member at Fairline Yachts for nine months until March 2021. He was also senior portfolio manager at RiverRock that took a majority stake in the boatbuilder in 2020. “It is great to be back on board with Fairline. I know from my previous involvement with the company how much potential it has. It has a very strong order book, an exciting product range and the factory is very busy. We are going to back the management team and the company as a whole to unlock the value within it and to catalyse its growth.” The transaction was carried out via Hanover Active Equity Fund II.
1,000 boat orderbook
New furlers Mast tapering solved New kits pages 12-17
POWER AND PROPULSION
HanseYachts incoming orderbook has exceeded 1,000 boats for the first time in its history. The record follows an 'exceptional' year for the company with revenue of more than EUR 230 million recorded during its 20/21 financial year to June 30 after deduction of the dealer margin. In order to achieve its goal of increasing revenue to EUR 200 million with an EBITDA margin of 10%, the boatbuilder will launch a new outboard motorboat brand for boats in the 24ft to 39ft range. The boats are planned to be released for the first quarter of the financial year 2021/2022 and will be built at a new site the boatbuilder has bought, adjacent to its existing base. The new base is 27,500 sqm in size, a 40% increase that
will increase the boatbuilders' capacity by up to 250 boats. Supply issues are proving difficult for HanseYachts with up to 65 boats - with a value of EUR 10 to 15 million - that are built and 99% complete but still waiting for a few components. “After Corona-related production delays between November 2020 and March 2021, problems in the supply chains affected the completion of boats from April 2021 onwards,” said a company statement. “Suppliers throughout Europe temporarily lacked raw materials to produce stainless steel products and electronic components, as well as upholstery and toilets.” The delay means the company's EBITDA forecast has been adjusted downwards.
ROPES YACHTROPES.CO.UK
TESTED TO THE
/yachtropes
LIMIT
@kingfisherropes
/kingfisher_ropes
Hybrid potential Record attempt New features pages 18-22