An investment partnership begun in 2011 has come to an end. Lazzara Yachts’ investor, The Crest Group, issued a press release yesterday stating that the parting of ways occurred earlier this year.
The Crest Group is a New York-based real estate development company. It focuses on both residential and commercial properties. It also invests in non-related small to midsize companies. The press release attributes the parting of ways “due to Lazzara’s inability to reach the terms set forth at the beginning of their joint venture.” It further includes this statement by Enrico Scarda, managing partner of The Crest Group:
“Lazzara Yachts and The Crest Group LLC have done many great things these past few years. We have supplied the company with what it has needed to grow into the markets that we saw fit, bringing new models to market like the LSX and LMY 64. However, the board at The Crest Group LLC believes that Lazzara’s inability to come to terms on our investment calls for the withdrawal from the company. With a heavy heart we are parting with a venture we truly enjoyed to work with, and we wish nothing but success for the Lazzara family.”
The press release further references how other private-equity groups have invested in yacht builders in recent years. “This separation is only a small crack in the road for Lazzara Yachts as their company has high hopes for the future,” it states. It adds that The Crest Group is disappointed not to remain part of this.
We reached out to Lazzara Yachts for comment, but no reply had come by press time.
When the initial investment was announced in 2011, Scarda told MegayachtNews.com, “I’ve been following Lazzara for a couple of years from a business standpoint.” He explained that he felt it was “always an innovative company” with “a good product.” Scarda was an active yacht owner and had met Dick Lazzara, chairman of Lazzara Yachts, at the 2010 Fort Lauderdale boat show. Dick Lazzara told MegayachtNews.com that he was excited by the collaboration. He added that it would help the builder add some smaller models, “to get people into the family earlier.” It would further help the builder enter new markets. “You just have to be in more marketplaces than America,” Lazzara said.
Lazzara Yachts remains privately held by the Lazzara family. Its model lineup starts with the LMY 64 and goes up to the yacht pictured above, the LSX 92. A 120 has been in the works, with the hull mold completed a few years ago.