A Chinese company specializing in real estate is negotiating to purchase at least a majority stake in the yacht and megayacht maker Sunseeker.
According to an article in today’s Financial Times newspaper, the company is Dalian Wanda, which owns the U.S.-based AMC Entertainment movie-theater chain as well as a number of hotels and shopping malls around the world. In response to that article, Sunseeker has released a statement acknowledging it is in negotiations with an outside firm that has no current ties to the yachting industry. It does not name that company, however, and a request by Megayacht News for confirmation of it being Dalian Wanda received an “unable to confirm” reply.
Regardless, the Financial Times obtained details of the potential acquisition of Sunseeker from anonymous sources, who claim Dalian Wanda will pay about £300 million ($465.7 million). They further claim the deal will be final by the end of this month. Interesting enough, the Financial Times also quotes Wang Jianlin, chairman and founder of Dalian Wanda, as saying, “We bought the best yacht company in the UK,” though the newspaper adds that he doesn’t mention Sunseeker.
It wouldn’t be a surprise if Dalian Wanda did indeed purchase Sunseeker, as according to the paper, it owns the Predator 108 Casino Royale, one of a few Predator 108 megayacht models used in the same-named James Bond film a few years ago. (More than one yacht was shot for the same sequences, a common practice.) The megayacht is currently available for charter along the Thames River in England and often promoted as having a role in the movie. Overall, Sunseeker’s lineup includes 21 models, ranging from the entry-level Portofino 40 to the 155 Yacht, the latter pictured under construction here last year, with company founder Robert Braithwaite in the foreground.
The Financial Times says that Sunseeker’s current owner, the Irish investment consortium FL Partners, began talking with Dalian Wanda in late 2011. FL Partners acquired controlling interest in Sunseeker in 2010, after a restructuring of the yacht maker’s debt. The deal will reportedly preserve Sunseeker’s current operations in Poole, England, and maintain the 2,500-people employee base.
Sunseeker’s marketing manager, Gemma Marsh, confirms the latter in the statement released to the media today, plus adds further details:
If a deal is concluded then I wanted to confirm to you that Sunseeker will remain a British company, headquartered in Poole, Dorset and will maintain its existing primary production bases in the UK, along with its current workforce and infrastructure.
The existing management team and representatives of FL Partners will remain on the Sunseeker boards and founder Robert Braithwaite will continue to be involved in the business and remain as Group President.
Robert and Sunseeker’s management team will make a significant reinvestment in the business, providing continuity and a strong platform for the new model programme currently being developed in Poole.
UPDATE, JUNE 19, 2013: It’s official: Dalian Wanda has acquired a stake in Sunseeker. According to a press release sent by the Chinese company today, it will acquire a 91.81-percent share, with the remainder to be held by Sunseeker’s management. The rest of the details uncovered by the Financial Times last week, as well as released by Sunseeker last week, are also officially confirmed.
Wang Jianlin, chairman of Dalian Wanda, believes the acquisition of Sunseeker will not just help his own company broaden its interests in the global luxury marketplace, but also assist Sunseeker in entering the Chinese market. “With the committed support of Wanda, Sunseeker is well-placed to take full advantage of opportunities in China, one of the world’s fastest growing luxury yacht markets. We are confident that this will bring Sunseeker’s business to the next level,” he says. He adds, “Wanda recognizes the importance of Sunseeker’s investment in innovation, the quality craftsmanship produced by its skilled workforce and its commitment to using the world’s best components. We are committed to long-term investment in the Sunseeker business, its people and its iconic brand.”
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