Through new funding and a restructuring of its debt, Sunseeker has new ownership, in the form of majority investors from the UK and Ireland.
FL Partners, an investment vehicle which owns the horseracing paper Racing Post, has, along with other investors, injected £25 million (about $36.2 million) of new capital into the builder. FL Partners also refinanced Sunseeker’s existing debt with a £40-million ($57.9-million) package of long-term loans. The new funds and the refinancing should permit Sunseeker, which employs more than 2,300 people, to continue its current production of speedboats and superyachts to 40 meters (131 feet). It should also allow the brand to expand into the 50-meter (164-foot) market, a plan previously put in place.
Robert Braithwaite, co-founder of Sunseeker, remains the largest single shareholder outside of the new investors. He is now president and non-executive chairman of the yard’s parent company, Sunseeker International (Holdings) Limited. Simultaneously, Stewart McIntyre, the shipyard COO, is now managing director.
In fact, McIntyre sees positive things to come now that Sunseeker has new ownership, despite the ongoing global economic crisis. In fact, he says, “Sunseeker is one of the few luxury yacht manufacturers which has maintained consistent sales revenue in recent years.” This, he adds, is “a reflection of the global standing of the business, its products, and the strength of its brand.” He further says that a few open build slots remain for yachts and megayachts for fiscal years 2011 and 2012.
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