After 11 years underneath Chinese language possession, Sunseeker Worldwide has American and Italian stakeholders. Two private-equity corporations have taken over the British boatbuilder in a membership deal. They’re conserving its operations at its longtime Poole headquarters in southern England.
The 2 private-equity corporations are Lionheart Capital, based mostly in Miami, and Orienta Capital Companions, based mostly in Forli, Italy. Collectively, they’ve acquired the 92-percent stake that China-based Dalian Wanda Group, a real-estate and hospitality firm, bought in 2013. Wanda was interested in Sunseeker as a result of the numbers of excessive=net-worth Chinese language shoppers had elevated dramatically at the moment. In flip, they have been spending considerably on high-end luxurious merchandise. Wanda’s chairman believed the potential for these shoppers to purchase yachts was equally sturdy. A downturn in China’s real-estate sector, vital debt, and different points, nevertheless, have severely impacted Wanda for the previous few years.
Each Lionheart Capital and Orienta Capital Companions have pledged to maintain Sunseeker, celebrating its fifty fifth anniversary this yr, in England. In addition they intend to spend money on new fashions all through the dimensions vary. Notably, each private-equity corporations have already got footholds in yachting. Lionheart Capital, as an example, led the acquisition of Cigarette Racing three years in the past. “I’m a boater and have a comfortable spot for transport,” says Ophir Sternberg, Lionheart’s founder and CEO—and additional now co-owner of Sunseeker. His father was a business captain, he says, and following the buyout of Cigarette Racing, Sternberg says he’s been searching for extra maritime corporations to purchase.
Orienta, in the meantime, has owned Anvera Boats, which makes tenders and chase boats, since April of this yr. Moreover, its senior advisor, Giancarlo Galeone, has recognized Andrea Frabetti (above), Sunseeker’s CEO, for a few years. The 2 labored on the Ferretti Group, the place Galeone was CEO from 1995 to 2006. Frabetti joined Sunseeker in 2019, immediately from the Ferretti Group, becoming a member of Ferretti Yachts initially in 1989.
“Our sturdy experience within the yachting trade, mixed with our long-lasting relationship with its CEO, will enable us to additional improve the British id and craftsmanship, driving the model in direction of bold objectives,” Galeone says. Galeone assumes the title of chairman of Sunseeker. “This acquisition represents a strategic funding in a model with a storied historical past,” feedback Sternberg. “I’m assured in Sunseeker’s potential for development and innovation.”
Frabetti, who’s staying as Sunseeker’s CEO, says, “Our objective stays to ship distinctive yachts that embody luxurious, efficiency, and innovation, whereas honoring the legacy and imaginative and prescient of our founders.”
The information comes a number of months after Bloomberg Information broke a narrative that Lionheart Capital had signed an settlement to accumulate Sunseeker from Wanda. The 2 private-equity corporations declined to launch the monetary or stake-percentage phrases.
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