70% of companies in the yachting sector describe themselves as leading according to a study performed by Yacht Harbour on a sample of over 100 companies. It can therefore be hard for customers to differentiate at first glance the real financial position of companies and their scale.
Following a very active past 20 years in the mergers and acquisitions space in the yachting industry, some behemoths have emerged, controlling a large portion of the market and shaping the industry moving forward. Some high-profile individuals and corporations have also become involved in the superyacht industry in recent years. We have therefore investigated some of the most powerful corporations and individuals in the yachting space.
Dalian Wanda Group
Princess AVK
Annual revenue: $39.47 billion (2014)
Chairman & Founder: Wang Jianlin
Brands: Sunseeker
Largest commercial real estate operator in China and world's largest cinema chain operator, Wanda Group was founded in 1988 by Wang Jianlin. The company has today 634 billion yuans in assets and manages over 26 million square meters of hotel property. In 2013, the company decided to purchase UK-based yacht manufacturer, Sunseeker.
Having gone through losses of 9 million pounds in 2009, Sunseeker restructured its debt and was taken over by FL Partners, an Irish private equity company. Sunseeker was sold in 2013 to the Wanda Group for around 300 million pounds according to the Financial Times.
LVMH
Symphony - © Feadship Fanclub
Annual revenue: $35.6 billion (2015)
Chairman & CEO: Bernard Arnault
Moet Hennessy Louis Vuitton, better known as the French luxury goods conglomerate, LVMH, is perhaps not so surprisingly also a player in the superyacht industry. In 2008, L Capital, the company's investment arm, purchased Princess Yachts in a deal worth 200 million pounds according to Reuters, with support from the Calyon investment bank.
Later that year, the conglomerate strengthened their position in the company with the purchase of Royal Van Lent, part of the Feadship organization, for a reported sum between 200-400 million euros. In 2007, Royal Van Lent had posted sales of 100 million euros.
Gavio Group
Fast - © Baglietto
Annual turnaround: €2.2 billion (2012)
Gruppo Gavio, a large Italian corporation whose main business lies in motorway concessions with the company operating over 1400 kilometers of motorways in Italy, also has interests in the yachting industry. In 2012, Bejamino Gavio led an acquisition of the iconic Italian Baglietto shipyard for a sum of €18.5 million. The shipyard had been through some rough waters during the financial crisis resulting in 73 million euros of negative equity in 2009.
The group further consolidated its position in the sector by purchasing Cerri Cantieri Navali, a few months before the Baglietto deal, and by later acquiring US-based Bertram in 2015.
Privinvest Group
Siren © Yacht Harbour
Current owners: Akram & Iskandar Safa
Privinvest Group is one of Europe's largest maritime corporations which is involved in naval manufacturing and is also involved in the superyacht industry. Founded by the Safa brothers, Privinvest purchased Constructions mécaniques de Normandie (CMN) based in Cherbourg, France in 1992. The company then managed to turn around the fledging shipyard with new orders from the Middle East according to the Independent.
In 2007, the group funded 30% of the Abu Dhabi MAR company which ventured into shipbuilding through ADMShipyards and worked on the 141-meter Yas. In 2009, Privinvest continued to consolidate its position in the sector by acquiring German shipyard Nobiskrug.
Azimut-Benetti Group
I Dynasty © Superyachts Monaco
Maximum recorded asset net worth: €300 million (2011)
Current owner: Paolo Vitelli
Brands: Benetti, Azimut
Azimut was established in the early 1970s by Paolo Vitelli as a dealership of Amerglass boats. The company then evolved into yacht manufacturing by building its first 43ft boat. It later delivered Failaka, the first 30-metre fibreglass yacht ever built, to a Kuwaiti prince. In 1985, Azimut took over the Fratelli Benetti boatyard in Viareggio, setting the roots for the group. The company later started collaborating with young designer, Stefano Righini, which would bring the Azimut lines the company is known for today.
The company acquired the Gobbi shipyard in 2001 which now produced the group's Atlantis range from 10m to 18m. In 2004, the group acquired Fraser Yachts, a large yacht brokerage company. It later developed Marina di Varazze and the Royal Yacht Club in Moscow. By 2011, the group's net assets grew to €300 million according to this presentation with a turnover of €600 million, a significant cut on its €1 billion turnover in 2008 according to the Financial Times.
Ferretti Group
Chopi Chopi © Yacht Harbour
Maximum recorded value: €1.5 billion (2007)
Current owners: Weichai Group, Royal Bank of Scotland
Ferretti was established in 1968 as the first marine division of Alessandro and Norberto Ferretti's family business. In 1971, the company delivered its first wooden motor-sailer and by 1982 it began producing boats for sport fishing with a flybridge. By 1996, the group decided to expand into a larger range and set up Custom Line, a division meant to operate in the growing 26-40m range. In following years, the company multiplied acquisitions buying CNA in 1998, CRN in 1999, Riva in 2000, Mochi Craft in 2001 and Itama in 2004.
As the company was preparing for an initial public offering (IPO) after having been acquired in a leveraged buyout by Candover Investments which put the Group's value at €1.5 billion in 2007, the financial crisis led to a significant drop in sales. As a result, the Group had to restructure debt and its creditors, led by the Royal Bank of Scotland, converted a portion of their €1.2 billion debt into equity according to Bloomberg.
Ferretti Group was eventually sold to Weichai Group, a state-owned Chinese company, the largest maker of bulldozer's in China.
Vagit Alekperov
Galactica Super Nova - © Dick Holthius
Net worth: $11.1 billion (2016)
Brands: Heesen Yachts
Mr. Vagit Alekperov is currently considered to be Russia's 9th richest man according to Forbes. In May 2015 it became known that the head of Lukoil, Russia's largest independent oil company, is the current owner of Heesen.
In 2008, Mr. Alekperov purchased Heesen Yachts from founder, Frans Heesen, for a reported sum of 100 million euros. The shipyard posted profits of €5.2 million in 2013 according to Forbes Russia.
In March 2016, Heesen launched its newest flagship, the 70m Galactica Super Nova (Project Kometa) which was built for Mr. Alekperov according to Dutch publication, Quote.
Mohammed Al Barwani
Turquoise - © Ocean Independence
Net worth: $1.2 billion (2015)
Energy tycoon, Mohammed al-Barwani made his wealth investing in oil, gas, minerals and manufacturing. In 2010 he however decided to purchase Dutch shipyard, Oceanco from Greek shipping magnate, Theodore Angelopoulos. First company to build spa pools on superyachts, Oceanco has much benefited from the hands-on approach of Al Barnawi delivering the beautiful Nirvana for Russian billionaire Potanin as well as expanding its facility to be able to construct yachts up to 160 meters.
In December 2013, al-Barwani further consolidated his position in the industry, purchasing Turkish yacht manufacturer, Proteksan (now Turquoise Yachts), which was struggling following the highly publicized sinkage of M/Y Yogi.
Innovations in megayacht eco-design seem endless. One of the first designers to take a step forward in this direction in 2020 was a marine engineer, Philip Briand. From the headquarters of his studio in London, he presents the concept of sailing in superyachts, which puts zero-emission navigation at the center of all decisions.The latest concept from the French designer appeared after he was motivated to create a “zero-emission yacht”. This is the second concept from the new Briand family of self-contained yachts, which is on the heels of the 90-meter SY300. Briand previously described the SY200 as the "younger sister" of the SY300.The SY200 will travel in two ways: boat sails and underwater turbines, with which it will collect electricity for the 20 batteries that it will carry in its hold.According to Briand, the length of the yacht is 75 meters, and the sail is 2,000 meters, it generates more than 2,000 kW at maximum speed. To do this, he designed a helmet inspired by high-class, shorter sailboats. In particular, he emphasizes his inverted nose and central glass capsule.Ketch is equipped with a carbon fiber mast and rigging, as well as the same modern hull and upturned nose as the SY 300. Briand estimates the power of the yacht is 500 kW when sailing at a speed of 15 knots and 200 kW at a power of 12 knots."I believe we need to embrace ‘lateral thinking’ when it comes to the future of sailing yacht design. We want to work alongside owners to create the perfect renewable energy machine, using only wind, water and solar energy to run the yacht and provide an exceptional experience of peace on board and exploration of the sea.” - Briand said.At speeds of 15 and 12 knots, he expects to add 500 kW and 200 kW, respectively, which will allow him to generate enough energy on board to enjoy her 12 cabins.On board the vessel can accommodate up to 10 guests. Master-suite leads to a large terrace with a jacuzzi and four large guest cabins. The dining table with 16 seats in the cab is protected from the sun and boasts panoramic views.
January 24, 2020
Yesterday, at the Boot exhibition in Dusseldorf, Il Cantiere del Pardo
presented the new Grand Soleil 44 Performance. This is a project of Matteo
Polly, the best designer in the offshore sector, rated, which is designed to
become a reference boat in the racing sector ORC.
The new Cantiere del Pardo challenge is called Grand Soleil 44. To win
this bid, the shipyard turned to a designer who was best able to interpret the
concept of a sports building on racetracks around the world in recent years.
This new 44-foot kit complements the Grand Soleil Yachts Performance
range, designed for more sporty owners looking for a high-performance boat that
can deliver results even in a regatta, located between the GS 34, GS 48 and GS
58.
As already noted on board the Grand Soleil 48, the GS 44 will also be
available in two versions: the layout will be more suitable for cruising, with
a different layout of the sail and deck plan to simplify maneuvers, the other
will be more Race for the best on the regatta. Style and elegance complement
the DNA of this new 44-foot footer, which feels a family of other models in
this line.
Despite the very light and sporty body, the liveliness of the interior
is surprising in how much volume you can use and perceive. Following the trends
of the latest Grand Soleil Performance models, even on 44-foot deck places,
both for racing and for enjoying a boat on a cruise, they are truly remarkable,
the dimensions of the cabin are significantly increased compared to all
previous models.
Among the distinguishing characteristics of the boat is the location of
the mast in a rather opposite direction, which will increase the sail area for
bow sails in order to maximize the characteristics taking into account the
average Mediterranean conditions. A choice that also allowed the cabin layout
to be promoted and thus have a larger cabin than previous models.
The interior layout includes three cabins and two bathrooms. The spaces
below the deck have a generous beam that offers large and comfortable volumes:
the kitchen is located on the left, the dining room consists of a comfortable
sofa with a dining table in the center, which can accommodate up to 8 persons.
Master-suite, with a comfortable double bed, a sofa and a private
bathroom, is really large for a 44-foot case with a sporty character. To make
the interior even more comfortable, there is a wonderful natural brightness
that penetrates through the various windows of the hull and onto the deck.
January 23, 2020
Abeking & Rasmussen have confirmed the launch of their new 68-meter superyacht, Soaring. The yacht had emerged out of her shed earlier this week and has now been lowered into the water for the first time this morning.Designed by Focus Yacht Design and project managed by Superyacht Technical Services, the yacht, which is set to become available for charter in the summer 2020, comes in at a size of over 1,500 GT.Soaring's upper deck features its master suite with a private owner's aft deck and a library. The yacht's remaining 5 guest cabins will be located on the main deck and catered to by a crew of 17.
January 18, 2020
Jaime Botin, part of the Satander banking dynasty, had been caught transporting a Picasso painting on his 67-meter sailing yacht Adix back in 2015. Now Madrid courts have fined the Spanish billionaire for €52.4 million and sentenced him to 18 months in prison.Botin, an active art collector, purchased Picasso's "Head of a Young Woman" painting back in 1977 for his collection. In February 2013, he tried to sell the painting at a Christies' auction in London but the art work couldn't leave Spain at their culture ministry's decision.Spain has some of the strictest laws when it comes to national heritage. According to them, any work of art over 100 years old that is considered culturally important in the view of their culture ministry can be deemed a national treasure, requiring its owner to get a permit in order to transport it out of Spain. Botin's permit was denied back in 2012.In 2015, Botin, according to Bloomberg, had his driver transport the painting from his Madrid home to Valencia where his 67-meter sailing yacht Adix was docked. When setting sail in June 2015, her captain didn't include the artwork on the list of onboard items. Soon after it set sail for Corsica, from where Botin had chartered a jet to ferry it to Geneva where he intended to keep it according to the publication.Tipped off that Botin's permit for the export of the Picasso hadn't gone through earlier, they inspected the yacht and found the painting in the captain's cabin.Adix itself is currently in Australia, finishing up her refit programme at the yard Brisbane. The yacht is set to remain in the South Pacific up to the America's Cup in Auckland in 2021. The painting found onboard the yacht in 2015 had an estimated value of $27 million, with experts saying it could now be even more. It has since become the property of the Spanish State.With a net worth valued by Forbes at $1.7 billion, Jaime Botin is the largest shareholder of Spanish bank Bankinter and a member of Spain's most prominent banking families. His great grandfather had founded Spain's largest bank, Santander.
January 18, 2020
Richard Matthews, original founder of Oyster Yachts, has returned to its board as a non-executive director. This follows Richard Hadida buying the company in 2018. Matthews had founded the sailing yacht manufacturer back in 1973.Oyster Yachts built its first 32ft sailing boat in 1973. From there it gradually extended its range of sailing yachts finding its sweet spot in 56ft to 125ft units designed by Robert Humphreys. In 2008 the company was sold to private equity firm Balmoral Capital for £70 million, before the firm disposed of it to HTP Investments for £15 million in 2012.Following a failure of the internal hull structure on Polina Star III, an Oyster 825 model, which led to the yacht sinking in 2015. This led to a recall of 4 other units and a dent in the builder's cash flow despite a £83 million order book in 2017. The following year, the company went into administration, before being purchased by Richard Hadida.Hadida is mostly known for founding Evolution Gaming, a company that powers most online casino games and currently trades on the Swedish stock market with a market cap of near €5 billion. His fried, yacht owner and automotive mogul Eddie Jordan was formerly also involved in the takeover bid with Oyster but later backed out."It is hugely important to me personally that the founder of the brand [Richard Matthews] I hold so close to my heart has given it his seal of approval by joining our board." Hadida explained. "Having restored the company to its former glory with the support of a fantastic team – from talented craftsmen to dedicated management – this feels like confirmation that Oyster is once again synonymous with quality and excellence, just as it was when Richard founded it back in 1973".
January 18, 2020