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.
Antonini Navi presented the Sport Utility Yacht – SUY 135, a groundbreaking superyacht conceptualized by Aldo Manna, Partner and Sales Director, in collaboration with designer Fulvio De Simoni. Moravia Yachts has been appointed as the Central Agency for this innovative vessel. The hull number #1 already in construction, the SUY 135 is slated for delivery in 2026.The SUY 135, part of a broader initiative by Antonini Navi, sets the stage for the introduction of the SUY 190 and SUY 108, completing the range of all-around seafaring yachts. These vessels are tailored to meet the burgeoning demand for a new class of superyachts that seamlessly blend comfort and luxury with a deep connection to the ocean and marine life.Under construction at the shipyard's facility in Italy, the SUY 135 spans 44 meters in length and boasts approximately 480GT. This displacement motor yacht represents the maiden offering in Antonini Navi's Sports Utility Yacht line, skillfully crafted from steel to ensure unrivaled performance and durability."The SUY offers the opportunity to experience the vessel with no limits, akin to an SUV in the automotive world," remarks Aldo Manna. "Designed to cater to the diverse recreational activities offered by the sea, the SUY epitomizes versatility, allowing owners and guests to indulge in a 360° yachting experience."Alessandro Diomedi, Sales Broker at Moravia Yachting, expresses excitement about the collaboration with Antonini Navi. "The Antonini SUY series presents an interesting and innovative concept, with ample volumes and the capacity to accommodate large water toys while prioritizing the owner's privacy and lifestyle," he comments.The SUY 135 offers extensive customization options, both internally and externally, allowing clients to tailor the yacht to their preferences. The proposed interior layout features a spacious owner's suite on the main deck, complemented by four en suite cabins on the lower deck. Additionally, the yacht provides separate accommodation for the captain and five crew members, ensuring privacy and comfort for all onboard.Exterior highlights include a veranda with al fresco dining, a beach club with a transom Jacuzzi, and a sun deck boasting panoramic views and luxurious amenities. The yacht's transversal tender garage accommodates a 7-meter RIB and an array of water toys, providing endless opportunities for exploration and leisure.With a range of 4,000 nautical miles at a cruising speed of 10 knots and a top speed of 16 knots, the SUY 135 combines performance with efficiency. Zero-speed stabilizers enhance onboard comfort, ensuring a smooth and enjoyable yachting experience for all.The Pertusola shipyard in the Gulf of La Spezia was bought by Walter Antonini in 1977. Since then, Antonini Navi has been a family-held leader in superyacht custom build and refitting.Credits: Antonini Navi
May 8, 2024
Cantieri di Pisa is pressing forward with its ambitious modernization and expansion project at its headquarters in Pisa. Situated along the Navicelli Canal, the facilities are poised to surpass 50,000 square meters, aligning with the vision of owner Enrico Gennasio and CEO Marco Massabò to restore Cantieri di Pisa to its former glory in collaboration with the Pisa Port Authority.The next phase of development will see the introduction of a fleet comprising ten models crafted from steel, aluminum, and carbon fiber, drawing inspiration from the shipyard's storied history. Renowned for their innovative designs, materials, and performance, Cantieri di Pisa's historic yachts serve as a guiding beacon for this expansion.A substantial investment of 6 million euros over the past two years underscores the commitment to revitalizing Cantieri di Pisa. This investment is part of a comprehensive strategy to rejuvenate the esteemed brand, spearheaded by Enrico Gennasio, who assumed ownership in 2021, and CEO Marco Massabò. The modernization initiative encompasses various aspects, including the refurbishment and expansion of existing structures.Key elements of the project include the extension and elevation of the main warehouse to a height of 20 meters, alongside the construction of a new shed and connecting covered structures dedicated to yacht passage. Once completed, the production facilities and administrative spaces will cover an area of 17,500 square meters, with an additional 900 square meters allocated for offices.Furthermore, Cantieri di Pisa will enhance its offerings by providing a refitting service within an 18,000-square-meter space, catering to diverse client needs.The restructuring efforts represent a pivotal component of the managerial reorganization plan outlined by Gennasio and CEO Marco Massabò. With a wealth of experience exceeding 20 years in the luxury boating sector, Massabò emphasizes the objective of returning Cantieri di Pisa to its former prominence through the introduction of ten innovative yacht models across different categories."We have dedicated two years to refining the new iconic lines of Cantieri di Pisa," remarks Massabò, underscoring the dedication to excellence and innovation.The renovation of the shipyard marks an essential milestone in the overarching strategy devised by the new ownership to position Cantieri di Pisa as a leading facility in the production of carbon fiber, steel, and aluminum yachts. Cantieri di Pisa shipyard was founded in 1945 on the river Arno, the Tuscan shipyard became famous for its planing motoryachts, such as the Akhir and Kitalpha series designed by Pierluigi Spadolini. Since 2021 Enrico Gennasio is the new owner of Cantieri di Pisa.Credits: Cantieri di Pisa
May 8, 2024
The yacht charter market in 2024 has kicked off with a bang, with clients clamoring for more destinations, excursions, and toys. We caught up with the Denison charter team to uncover the latest trends in yacht vacations. Kristina Gagliardi, Jennifer Saia, Megan Cashmore, and Nadia Martinez from Denison shared their insights.This year, chartering is all about the toys. Guests are requesting a variety of toys, but two stand out: e-foils and slides. "Toy lists are pretty specific sometimes," says Kristina. "Clients want the e-foils or slides, especially those who have spent hours enjoying them in the past."Nadia and Megan echo this sentiment, highlighting the popularity of e-foils and slides. "People love e-foils," Megan enthuses. "Slides are also a big hit. It's all about the toys. Clients choose yachts based on the toys they offer."In addition to toys, clients are seeking unique destinations. "Croatia, with its off-the-beaten-path allure and moderate VAT, has become increasingly popular," shares Kristina. "Greece remains a perennial favorite, with its island-hopping experiences."Jennifer notes a growing interest in extreme destinations like the Faroe Islands and the Galapagos. "Clients are seeking unique experiences, and yacht charters offer the perfect platform to explore these remote locales," she explains.Nadia highlights the surge in last-minute inquiries for destinations like the British Virgin Islands and New England. "Water temperature is a crucial factor," she emphasizes. "Guests want to enjoy water activities, so destinations with warmer waters are preferred."While amenities like hot-tubs remain popular, Nadia advises flexibility. "Focus on the overall experience rather than specific features," she suggests. "Consider alternative amenities like swimming areas."Exciting innovations are also emerging in onboard dining. "Chef provisions, akin to gourmet meal kits, are gaining traction," Nadia reveals. "These solutions streamline meal preparation, enhancing the dining experience."The charter market continues to evolve, offering more options and customizations than ever before. Denison is at the forefront of this evolution, delivering unique vacations tailored to every client's desires.As the summer season unfolds, yacht charter enthusiasts can look forward to unforgettable experiences on the high seas, complete with thrilling toys, breathtaking destinations, and unparalleled luxury. It's time to set sail and embark on the ultimate adventure.Credits: Denison Yachting
May 8, 2024
The Italian Sea Group (TISG) announces the sale of the fifth Admiral 50 meters C.617 from its esteemed "semi-custom" series, destined for the azure waters of the Gulf in the UAE."Following the recent sale of the fourth yacht in the series, the commercial triumph of TISG in the semi-custom projects segment is evident," remarks Giovanni Costantino, Founder & CEO of The Italian Sea Group.The design ethos of the Admiral 50m emphasizes seamless transitions between internal and external spaces, fostering a harmonious dialogue across expansive volumes and intricate structural details. The interiors, curated by the TISG Style Centre, exude sophistication and warmth through the meticulous selection of luxurious materials such as wood, stone, and refined metals.A standout feature of the project is the strategic layout of the guest and owner cabins, with the owner's area situated on the upper deck, offering panoramic views on three sides and a private deck at the bow, while all guest cabins are located on the main deck with ample windows providing stunning vistas of the surrounding seascape.With a voluminous 499 GT, the Admiral 50m yacht accommodates up to 12 guests, complemented by two additional lounge rooms that can be converted into extra cabins on the lower deck.The Italian Sea Group is a global operator in the luxury yachting industry, listed on Euronext Milan (“EXM”) and active in the construction and refit of motor yachts and sailing yachts up to 140 meters. The Company, led by Italian entrepreneur Giovanni Costantino, operates on the market with the brands Admiral, renown for elegant and prestigious yachts, Tecnomar, Perini Navi, and Picchiotti; the Company has a business unit, NCA Refit, that manages the maintenance and refit services for yachts and mega yachts with a length over 60 meters. Credits: The Italian Sea Group
May 7, 2024
Lusben's Viareggio shipyard witnessed the technical launch of M/Y Sofia 3, marking the culmination of extensive refurbishment and modification work on the 42-meter Baglietto vessel. The project, undertaken by Lusben, encompasses a range of enhancements spanning from structural alterations to mechanical updates and aesthetic refinements.Following her unveiling at Lusben's facility, Sofia 3 is poised for the commencement of fitting-out operations. The collaboration between the discerning owners of this magnificent superyacht, crafted by Baglietto, and the Viareggio-based Shipyard, has been a multi-year endeavor. Initially engaging Lusben in 2018, the owners entrusted the yard with significant tasks, including a substantial stern extension and the installation of a pop-out transformer before the yacht's relocation to the United States. In November 2022, additional enhancements were commissioned, reflecting the owners' unwavering confidence in Lusben, leading to a comprehensive seven-month project duration, further extended to encompass a series of upgrades.Notable transformations include the application of an elegant dark grey hue to the hull and superstructure, accentuated by ceilings adorned with wood-like paint, infusing a sense of warmth and originality. The sundeck layout at the bow underwent modifications, featuring a new sofa and teak deck, while outdoor ceilings were revamped with marine ply panelling, enhancing both aesthetics and functionality. Structural interventions addressed water infiltration and corrosion issues, with significant glazing replacements, including the wheelhouse windows.With these enhancements completed, Sofia 3 stands poised for interior outfitting, guided by designs crafted by Viareggio-based firm La Mandragola, promising an exquisite interior tailored to complement her enhanced exterior allure.Lusben was founded in 1958 in Viareggio. The shipyard has over 60 years of experience in the yacht refit sector. Credits: Lusben
May 7, 2024