Initial public offerings (IPO) are the stuff of most startups' dreams, yet whereas they have been a strong vehicle for exits in other sectors, the rare yachting firms that have listed their shares on public markets have often struggled to perform on stock exchanges.
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In July 2017, Global Yachting Group, the holding company behind several superyacht painting and maintenance brands such as Pinmar and Rolling Stock went public on London's AIM exchange. This followed a management buyout backed by private equity firm Lonsdale Capital in 2016. With revenues of €54.6 million in 2016 and an EBITDA of €6.7 million, the holding was valued at £55 million following its IPO.
Since, however, its share price has dropped from over £140 per share to just £34, and its market capitalisation dropped down to just £16.25 million, nearly a 70% drop in just over a year. The drop was primarily caused by the market reacting poorly to a drop in new build business secured by the group, which broke even in the first half of 2018. In its statement, Remy Millot, however remained confident business would pick up in coming quarters.
On the brokerage side, YCO has famously been the highest profile firm to attempt a public offering on London's AIM exchange back in 2008. Its shares were then trading at 49 pence per share on the back of high profile clients and revenues leading to a valuation of near £25 million. Shareholders included the co-founders, the Monegasque Pastor family, and a set of investment firms. However, after 4 years of a difficult market, its share price dropped from 49p to 3p per share.
Ultimately, YCO chose to delist from the public markets in 2012, despite recording £27 million in revenue in 2010 and £588,000 in net profits. After delisting, Fifty Four Four Ltd, a company owned by Charles Birkett, YCO founder and CEO, gathered 50.4% of YCO Group's share capital and made a mandatory offer to the minority to buy them out at 1p per share, giving the business a £485,000 valuation. Since delisting, YCO has continued to be a dominant player in the superyacht brokerage and management space, representing yachts such as the 119-meter M/Y A at one time.
The drive of the superyacht market to make an IPO work likely comes from the success of the strategy in the smaller boating segment. Beneteau, one of the largest players in the space with sales of over €1.2 billion in 2017, has been public since 1989, its share value rising over 700% since. Primarily active in 10-20m boat construction, the company is currently sitting at a market cap of €1.16 billion.
MarineMax, a leading US boat dealer went public back in 1998 at $13,75 per share, trading today at twice the valuation after a strong 20x recovery since the 2008 financial crisis, which saw its stock fall to under $2 per share in 2009. Today MarineMax is valued at over $600 million. Mastercraft, the famous powerboat manufacturer went public in 2015 at under $16 per share and trades today at over $32 per share with a valuation of over $600 million.
Superyachts' difficult financial forecasting and small market in absolute unit numbers continues to puzzle public investors, strangling the sector into resorting to purely private funding and capping its exit potential. Some, however, remain on the hunt for a formula to solve the public markets for superyachts with leading companies like Gulf Craft contemplating a listing in the near future.
The 115.1-meter Lürssen superyacht Ahpo has returned to the brokerage market with an asking price of €340 million, making it the most expensive luxury yacht currently listed for sale. Represented by Alex Busher of Edmiston and Moran Yacht & Ship, Ahpo was originally sold as a new build by Moran Yacht & Ship in 2017 to a repeat Lürssen client and began construction under the codename Project Enzo.Completed in 2021 and showcased at the Monaco Yacht Show the following year, Ahpo boasts a striking design by Nuvolari Lenard, featuring trademark half-moon windows and tapered decks. The yacht was last sold in-house by Moran Yacht & Ship in May 2023, believed to be the largest brokerage deal in history.Designed with both exterior and interior detailing on technical and aesthetic fronts, Ahpo offers accommodation for 16 guests in eight staterooms and four staff cabins. The owner's private duplex includes an exceptional gym, while side decks on the sky lounge deck span 100 meters, allowing guests to take strolls in the fresh air without disembarking.Health and wellness are priorities on board, with a nature-themed spa featuring a massage room, Himalayan salt sauna, and a Turkish-style Hammam finished in vibrant mosaics and ivory onyx. Throughout the vessel, nature is a recurring theme, seen in the artwork, the central staircase depicting an olive tree, and the grand dining room themed around water lilies.Technical highlights include twin MTU 20V 4,000hp engines, advanced systems such as a heat recovery mechanism for warming the swimming pool, dynamic positioning, four Quantum fin stabilizers, and controllable-pitch propellers for low-speed manoeuvrability. The 5,257GT superyacht is crewed by 36 and is equipped with two custom 12-meter IC Yacht guest tenders, rescue tenders, and a commercially certified helipad supporting a Sikorsky S-76 helicopter.Lürssen is a German shipyard with headquarters in Bremen-Vegesack and shipbuilding facilities in Lemwerder, Berne and Bremen-Aumund. Founded in 1875, Lürssen is one of the world's leading builders of custom luxury superyachts and has launched many of the largest yachts in the global fleet.Credits: Lürssen
April 3, 2025
At its recent annual general meeting, the French Nautical Industries Federation (FIN) announced the introduction of a brand-new Paris-based boat show, set to take place in November 2025.The highly anticipated Paris Nautic Show will run from Wednesday, November 26th, to Sunday, November 30th, 2025, hosted at the prestigious Parc des Expositions du Bourget in northeastern Paris. This announcement follows the cancellation of the initial Nautic-en-Seine boat show, which had been planned for April 2025 along the banks of the River Seine. Market conditions led to the decision to cancel the open-air event, originally intended as a fresh iteration of the longstanding Nautic Paris boat show.The newly organized indoor event will be managed by M2O, FIN's dedicated event subsidiary. FIN emphasized the critical role of a Paris-based boat show in supporting the nautical industry amid challenging economic and political environments, serving as a vital platform to showcase resilience and innovation within the sector.Approximately 350 exhibitors and between 300 to 400 boats are expected to participate, occupying two expansive halls totaling 40,000 square meters. Compared to earlier iterations of Paris-based boat shows, the duration of the event has been streamlined to align better with the global exhibition calendar.The show's leadership team comprises experienced professionals, including Jean-Paul Chapeleau as President, Christophe Vieux as Managing Director, Caroline Popovici as Deputy Commissioner General and Operations Director, and Guillaume Verbrugghe as Deputy Commissioner General and Commercial Director. At the general meeting, they unveiled the event's new branding, including its distinctive logo and marketing materials, marking the official start of commercial activities for the show.Credits: jerileecornelio/unsplash.com
April 2, 2025
The 2014 Sunseeker 28m yacht Play the Game has recently been sold through an in-house deal by Northrop & Johnson. Yacht Broker Ed Dickinson represented the seller, while Matt Palmer brought the buyer. Previously listed at €3,500,000, this vessel is part of the esteemed Sunseeker 28m series.Built in 2014, Play the Game has been meticulously maintained by its sole owner since launch. Its extensive refit history includes a 2022 kitchen renovation, complete reupholstering and new carpeting in 2018, along with a thorough 10-year RINA class survey and MCA commercial compliance update during the winter of 2023. The vessel is fully compliant with modern safety standards.One of the highlights of Play the Game is her expansive flybridge and remarkable volume relative to her size, offering unparalleled space for both indoor and outdoor living. With zero-speed stabilizers ensuring steadiness even when anchored, guests can enjoy every moment aboard without discomfort.Inside, her bright, open-plan design features large windows that flood the interiors with natural light. Warm wooden accents blend harmoniously with subtle blue hues and neutral finishes, creating a welcoming atmosphere. An especially notable feature is the drop-down balcony on the starboard side of the main deck – an ideal setting for intimate dinners or quiet mornings overlooking the sea.Play the Game accommodates up to eight guests across four lavishly appointed staterooms. The full-beam master suite boasts a king-sized bed, ample closet space, a cozy seating area, and a beautifully designed ensuite bathroom. Outdoor spaces are equally breathtaking, including an alfresco dining area on the aft deck, a versatile foredeck lounge with sunpads and a dining table, and a generously sized flybridge featuring two U-shaped lounges, dual wet bars, and a retractable hardtop for customizable sun exposure. A hydraulic swim platform provides effortless access to the water and facilitates smooth tender operations.Powered to reach speeds of up to 23 knots, Play the Game, delivers a truly exceptional experience on the water.Since 1969 Sunseeker Yachts has built composite semi-custom yachts from 12m to 47m. The shipyard's main facility is located in Poole.Credits: Sunseeker Yachts
April 2, 2025
Ocean Alexander honors Scott Roberton as the recipient of its 2024 Annual Sales Award, celebrating his exceptional achievements, dedication, and contributions to the brand’s success.Roberton’s career is distinguished by his expertise, integrity, and unwavering commitment to client satisfaction. His extensive knowledge of the industry and deep understanding of client needs have led to outstanding sales results and elevated client happiness.Dan Mundy, Head of Global Operations, praised Roberton, stating, "Scott’s professionalism and passion for Ocean Alexander are evident in every transaction. His ability to match clients with their ideal yacht while providing unmatched service makes him a leader in our industry. We are honored to recognize him with this award."With over 25 Ocean Alexander transactions to his name, Roberton has played a crucial role in introducing new owners to the brand, ensuring they experience the exceptional quality, design, and service that define Ocean Alexander.Reflecting on the achievement, Roberton expressed, "It’s an honor to receive this recognition. Ocean Alexander continues to set the standard in yacht design, usability, and service, making it a privilege to represent the brand. I’m grateful for the support of my clients and the entire OA team, and I look forward to another exciting year ahead."Ocean Alexander congratulates Scott Roberton on this well-deserved accolade and extends gratitude to all its sales professionals for their dedication to excellence.Credits: Ocean Alexander
April 2, 2025
Spanish shipyard Maxim Yachts returns to familiar shores as they participate in the Palma International Boat Show from April 30 to May 3. Making their debut at the event, the company showcases the Max 43 Comfort – a dynamic day cruiser capable of achieving speeds up to 45 knots. Designed by Alex Cherigny and engineered by Isonaval, this 13-meter model exemplifies speed and luxury combined.The Max 43 Comfort is powered by twin 440-horsepower Volvo Penta engines, ensuring swift and stable navigation. Its exterior layout is highly adaptable, featuring two foldable tables and four sofas, one of which comes with built-in refrigerators. The ergonomic helm station houses two double seats and a stylish carbon fiber console, outfitted with state-of-the-art marine technology, including dual 16-inch Garmin screens and 11 analog gauges.The onboard galley is fitted with a ceramic cooktop, sink, and two large refrigerators, with optional upgrades available such as additional refrigerators and an ice maker. Adjacent to the galley is a flexible dining area equipped with a double table and cozy side seating. Inside, the interiors, adorned with high-quality finishes, house a spacious double cabin capable of sleeping up to four guests. The cabin also boasts one of the tallest ceilings in its class, emphasizing both comfort and practicality.Established just last year, Maxim Yachts has quickly made waves in the industry, marking their presence at prestigious global events. Their participation in the Palma Boat Show signifies their commitment to growth and innovation, as they join approximately 300 exhibitors representing the best in maritime craftsmanship.Credits: Maxim Yachts
April 1, 2025