Seastoke
Well-known member
Will it change anything.
Sunseeker Sold
- Thread starter Seastoke
- Start date
Skipper Felice
N/A
Perhaps - some people do not want to buy boats from "global financial investment companies" ... It's not just the money - it's also your feelings and your soul for the company and the tradition of the shipbuilder / shipyard.
Some info:
Motorboat
Megayacht
Boat International
PowerYachtBlog
Well-known member
Yes news was out last Thursday. Italian and American owners, with previous Ferretti Group CEO Giancarlo Galeone now a Chairman.
What do you want to change?
What do you want to change?
Steruth1
Member
No sadly, I still can’t afford one 
Seastoke
Well-known member
The price ,lol.
rafiki_
Well-known member
The long term viability of the brand. Like Princess and Fairline, despite substantial price increases, their costs base is too high, meaning low margins. That’s why these businesses change hands regularly. They are currently not viable.
stelican
Well-known member
So are they now owned by Galeon who I thought were a Polish company?
PowerYachtBlog
Well-known member
Sunseeker is now owned by Italian and Americans, with Italian management. Frabetti is joined by Giancarlo Galeone, a previous Ferretti and then Ferretti Group CEO.
The management is very solid.
Galeone is also the majority share holder of Anvera (naval engineered by Frabetti btw) which has been an interesting new brand founded 2016 which grow a lot since its founding, and is very successful in building chase ribs for super yachts. They are definitely among the most successful in this segment as chase ribs go.
Also Anvera was heavily involved in prototyping the new 55 and 65 series.
No one knows what might change. What I see them doing, but this is just speculation from my part is that they might move super yacht (of 30 meters plus) building in the Super yacht district between Pisa and Spezia. Not that they cannot do this in Poole, but doing this in that area is much easier, and also less costly due to a better stream lined supply chain for super yachts of those sizes.
The management is very solid.
Galeone is also the majority share holder of Anvera (naval engineered by Frabetti btw) which has been an interesting new brand founded 2016 which grow a lot since its founding, and is very successful in building chase ribs for super yachts. They are definitely among the most successful in this segment as chase ribs go.
Also Anvera was heavily involved in prototyping the new 55 and 65 series.
No one knows what might change. What I see them doing, but this is just speculation from my part is that they might move super yacht (of 30 meters plus) building in the Super yacht district between Pisa and Spezia. Not that they cannot do this in Poole, but doing this in that area is much easier, and also less costly due to a better stream lined supply chain for super yachts of those sizes.
PowerYachtBlog
Well-known member
I do not know if this is a troll but Giancarlo Galeone has nothing to do with the Polish Galeon. That is owned by Wieczysław from Poland, who is also the founder.
stelican
Well-known member
Yes I met him many years ago at their yard. My boss subsequently introduced him to Tony Castro.
PowerYachtBlog
Well-known member
Sunseeker was sold not because financially she was not doing well, but because Wanda has financial problems in China.
It is old news that the property bubble in China is hitting hard.
Financially speaking Sunseeker is doing very well, and also is doing better to the other two British motor boat builders.
rafiki_
Well-known member
Not hard to be doing better than Prinny!
jfm
Well-known member
Wanda bought it for €320m. It went on to make EBITDA numbers only in the 10m-20m ballpark, and EBITDA is a very flattering measure for a quite capital intensive business like this. Wanda sold it for reportedly £160m. Not exactly "doing very well" imho.
MapisM
Well-known member
I don't have the faintest idea about their financial results.
Based on the numbers jfm mentions, and assuming an average EBITDA of 15m, 160m means a multiple of 10+.
VERY simplistic, I know - but in such transaction, I'd rather be the seller than the buyer.
The fact that for this particular seller it meant a loss is obviously a different matter altogether.
Based on the numbers jfm mentions, and assuming an average EBITDA of 15m, 160m means a multiple of 10+.
VERY simplistic, I know - but in such transaction, I'd rather be the seller than the buyer.
The fact that for this particular seller it meant a loss is obviously a different matter altogether.
Jerbro
Active member
Portofino
Well-known member
That’s still a 10 % rtn . Comes with risk but better than in a bank which isn’t without risk either .
Agree with PYB the sensible thing is to slice off the budding SY side and move it to Italy .
Also additionally sex up the sub 100 ftrs for the American mkt .I mean huge engines , ( even triples like the old Pred 80 days ) and circa 40 knot cruise .
Keep out of the “ floating caravans “ mid 25 knot FB s market leave that segment to the others .It’s too competitive and faddy and trending ugly boats dues to the interior volume wars .
Edit continue to ignore IPS .