SUNSEEKER will remain “proudly” British and in based in Poole despite new international owners, the yacht maker’s boss has said.
The quay-based luxury boat maker has recently been bought by American Lionheart Capital and Italy’s Orienta Capital Partners for an undisclosed sum.
Andrea Frabetti, the chief executive of Sunseeker International since 2019, has crushed any concern about moving any of its workforce elsewhere.
Sunseeker employed 1,863 people at the end of 2022, the most recent accounts show, including 1,602 in manufacturing.
Mr Frabetti told the Echo that new owners Orienta and Lionheart “will leverage their proven expertise in the yachting industry” to support Sunseeker’s development.
He added the new shareholders will “focus on creating new value and opportunities for the brand, with the aim of growing and strengthening” the shipyard's position in the market.
The businessman said: “Sunseeker will remain a proudly British company, with its primary manufacturing, workforce and current infrastructure located in Poole.
“Workforce is crucial to create unique jewels: Sunseeker yachts can only be manufactured thanks to the expertise of our workers, and not through industrial robotics.
“Acquiring a brand like Sunseeker does not only mean heritage, but also a history of great design and manufacturing capabilities which are based in Poole.
“Even the previous Chinese owners, in mutual agreement with the company, decided not to abandon the production sites in Dorset, indeed it strengthened them.
“Sunseeker is proud to be a local employer, and we’ll continue to invest in our training programmes and our partnership with Bournemouth and Poole college.
“For this reason, there are no strategies to abandon the current active construction and design areas in Dorset, as also confirmed by the new shareholders at the press conference on October 31 at the Fort Lauderdale Boat Show.”
He added that Ophir Sternberg, chief executive of Lionheart, will be an “active” co-owner of the business.
Miami-based Lionheart Capital describes itself as a “diversified investment firm” focused on building shareholder value in high-growth companies.
Its chief executive and founder Ophir Sternberg is also the co-owner of the American speed boat racing team Cigarette Racing Team, known for its high-powered luxury performance powerboats.
Cigarette Racing Team was bought jointly with billionaire entrepreneur, John H. Ruiz, in 2021.
Mr Sternberg said: “Lionheart understands the unique dynamics of the luxury yacht industry, and I am confident in Sunseeker's potential for growth and innovation.”
Meanwhile, Orienta Capital Partners is an Italian private equity firm founded and managed by managers and entrepreneurs.
The company invests in and supports Italian and international SMEs (small and medium-sized enterprises).
Orienta Capital Partners is an advisory company to FARO Alternative Investments.
FARO’s chairman Giancarlo Galeone – who is also now the chairman of Sunseeker – promised “substantial investment”.
Mr Galeone is also the former chief executive of the luxury motor yacht group Ferretti Group for more than 10 years.
He said: “We can expect a substantial investment into the development of new core and niche models, supporting the worldwide presence of the brand.”
The businessman added: “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.”
Mr Frabetti added: “Now it is time to sit down together with the new investors and make plans for the future.
“But, as far as we can anticipate now, Sunseeker will remain focused on developing its core business, based on exceptional yachts that embody luxury, performance and innovation, while honouring the legacy and vision of its founders.”
Sunseeker was founded in Christchurch by Robert Braithwaite in 1969, as Friars Cliff Marine, selling other companies’ boats.
Renamed Poole Powerboats when it moved to the town in 1969, it began producing boats of its own two years later.
It became Sunseeker International in 1985 and its boats were sought after across the world, appearing in four James Bond films.
The business was bought in 2013 by the Chinese conglomerate Dalian Wanda.
It lost £41million in 2014 and shed 300 jobs, but was in the black and hiring two years later.
But then in the early days of the coronavirus pandemic in 2020, the company was looking to axe another 460 jobs, or a fifth of its workforce, as it struggled with the effects of lockdown.
A year ago, the company appointed its permanent sustainability and environmental manager in a bid to secure its long-term sustainable development.
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