Less than a year after a private group acquired the rights to the name, Devonport Yachts has new ownership: Pendennis.
Devonport Yachts will serve as a separate sister company. Headquarters, though, will be in Falmouth, England, the same location as Pendennis. Stephen Hills will oversee operations. He held the same responsibility when Devonport belonged to Devonport Royal Dockyard, which primarily focused on naval ships. (Devonport Royal Dockyard formed the yacht division in 1987.) Hills additionally played a key role in the acquisition of the Devonport Yachts name and assets last year. At that time, Devonport Royal Dockyard reverted focus back entirely on its naval business.
According to the BBC, Pendennis and Devonport Yachts started discussions last fall. Primarily, the discussions occurred because Pendennis had the only facility in the area large enough for megayachts of 60 meters (200 feet) LOA. That was also the smallest size that Devonport expected to build. (Pendennis has, among other things, a 150-meter-long covered drydock, one of the largest in the UK and Europe.) The BBC additionally quoted government officials at the time as being in favor of the collaboration. Jermey Edwards of the Falmouth Chamber of Commerce was among them. “There is a wealth of experience here,” he said. “So many people are involved in the businesses directly and indirectly. I think the benefits for the port and the area would be very good.”
Mike Carr, Pendennis’ joint managing director, says the acquisition allows Pendennis to enter the 60-meter-plus market for both new construction and refits. He also sees it as a way “to further develop Falmouth as the UK’s premier superyacht center of excellence.”
Related to the acquisition, there’s further a high-profile minority shareholder in the business. He’s Ernesto Bertarelli, the Italian billionaire perhaps best known for owning Team Alinghi, the America’s Cup competitor.
The first order of business for the two builders will be to finalize how operations will run in Falmouth. No word yet on the future of any of the concept projects, like the One Ten shown above, that Devonport Yachts has showcased on its Web site.
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