Following a restructuring and refinancing, the longtime CEO of Sunseeker has departed. Changing Andrea Frabetti (above) is Scott Millar, on an interim foundation.
In line with statements, Millar’s tenure is efficient on December 8. He’s the senior managing director and head of company restructuring advisory for Teneo Monetary. The corporate is a worldwide CEO advisory agency with dealings in insolvency, enterprise transformation, mergers and acquisitions, and extra.
Teneo grew to become the receiver for Sunseeker Investments, an oblique father or mother firm of Sunseeker, final month. It was a part of a capital-injection plan executed by two lenders, particularly Cheyne Capital and Cross Ocean Companions. In media interviews over the summer season, Frabetti talked about Sunseeker was experiencing monetary challenges from tariffs. Concurrently, an general world slowdown for manufacturing boats was having an influence. Each of those components led to layoffs.
In November, Frabetti knowledgeable the commerce publication Marine Trade Information that he could be departing the boatbuilder. A Sunseeker spokesperson confirmed the assertion, additional telling Marine Trade Information, “Our traders stay assured in Sunseeker Worldwide” and pointing to the capital funding as securing the long run. “Collectively, we proceed to execute our enterprise technique and put money into new product improvement, together with the superyacht technique,” the spokesperson added.
Sunseeker’s present traders have been in place since In late 2024. Sunseeker bought to 2 private-equity corporations, specifically Lionheart Capital and Orienta Capital Companions. Lionheart Capital is an American firm, whereas Orienta is an Italian firm. Collectively, they acquired the 92-percent stake that Dalian Wanda Group, a Chinese language real-estate and hospitality agency, bought in 2013.
Frabetti joined Sunseeker in January 2019 as its chief technical officer. Inside 5 months, nonetheless, he took over as CEO. This adopted the resignation of then-CEO Christian Marti. Beneath Frabetti, Sunseeker doubled its mannequin choices, to 22, between 2019 and 2021. “It has been an honor to guide at Sunseeker Worldwide throughout what has been a pivotal time for the enterprise and the broader sector,” Frabetti says. “I depart the enterprise in secure fingers and look ahead to seeing its continued success.”
Millar has almost three a long time of expertise advising and main luxurious manufacturers, together with within the auto business and yachting. He .credit Frabetti for “his dedication and dedication to Sunseeker, and his private help to me in taking up interim management.” Moreover, he credit “an impressive crew of individuals and a provide chain targeted on constructing and delivering world-class yachts for our clients.”
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