After 11 years under Chinese ownership, Sunseeker International has American and Italian stakeholders. Two private-equity firms have taken over the British boatbuilder in a club deal. They’re keeping its operations at its longtime Poole headquarters in southern England.
The two private-equity firms are Lionheart Capital, based in Miami, and Orienta Capital Partners, based in Forli, Italy. Together, they have acquired the 92-percent stake that China-based Dalian Wanda Group, a real-estate and hospitality company, purchased in 2013. Wanda was attracted to Sunseeker because the numbers of high=net-worth Chinese consumers had increased dramatically at that time. In turn, they were spending significantly on high-end luxury products. Wanda’s chairman believed the potential for these consumers to buy yachts was equally strong. A downturn in China’s real-estate sector, significant debt, and other issues, however, have severely impacted Wanda for the past few years.
Both Lionheart Capital and Orienta Capital Partners have pledged to keep Sunseeker, celebrating its 55th anniversary this year, in England. They also intend to invest in new models throughout the size range. Notably, both private-equity firms already have footholds in yachting. Lionheart Capital, for instance, led the acquisition of Cigarette Racing three years ago. “I’m a boater and have a soft spot for shipping,” says Ophir Sternberg, Lionheart’s founder and CEO—and further now co-owner of Sunseeker. His father was a commercial captain, he says, and following the buyout of Cigarette Racing, Sternberg says he’s been seeking more maritime companies to buy.
Orienta, meanwhile, has owned Anvera Boats, which makes tenders and chase boats, since April of this year. Additionally, its senior advisor, Giancarlo Galeone, has known Andrea Frabetti (above), Sunseeker’s CEO, for many years. The two worked at the Ferretti Group, where Galeone was CEO from 1995 to 2006. Frabetti joined Sunseeker in 2019, directly from the Ferretti Group, joining Ferretti Yachts initially in 1989.
“Our strong expertise in the yachting industry, combined with our long-lasting relationship with its CEO, will allow us to further enhance the British identity and craftsmanship, driving the brand towards ambitious goals,” Galeone says. Galeone assumes the title of chairman of Sunseeker. “This acquisition represents a strategic investment in a brand with a storied history,” comments Sternberg. “I am confident in Sunseeker’s potential for growth and innovation.”
Frabetti, who is staying as Sunseeker’s CEO, says, “Our goal remains to deliver exceptional yachts that embody luxury, performance, and innovation, while honoring the legacy and vision of our founders.”
The news comes several months after Bloomberg News broke a story that Lionheart Capital had signed an agreement to acquire Sunseeker from Wanda. The two private-equity firms declined to release the financial or stake-percentage terms.
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