Sunseeker's New Dawn: An Era of Miami and Italian Influence
Sunseeker, the iconic British yacht maker, is under new ownership, blending Miami and Italian influences to drive its next chapter of growth.
In a significant development within the maritime industry, Sunseeker International, the esteemed British boatbuilder has announced its acquisition by Miami-based investment firm Lionheart Capital and Italian-owned Orienta Capital Partners. This pivotal transition concludes an 11-year era under the stewardship of China’s Dalian Wanda Group, marking a new chapter for the iconic yacht manufacturer.
This strategic alliance was unveiled at the Fort Lauderdale Boat Show, where the new proprietors reaffirmed their pledge to maintain Sunseeker’s headquarters and primary manufacturing operations in Poole, UK. This commitment underscores their dedication to preserving the brand's quintessential British heritage, even as it embraces new opportunities and synergies.
Addressing the competitive landscape, the shipyard has openly acknowledged its lag behind its Italian competitors. However, with the new infusion of investment, Sunseeker is poised to bridge this gap, leveraging Italian design prowess through its collaboration with Orienta Capital Partners. This partnership is expected to boost Sunseeker’s production capacities and enhance its offerings, blending British craftsmanship with Mediterranean style.
Lionheart Capital, led by its visionary founder and CEO Ophir Sternberg, integrates Sunseeker into its burgeoning portfolio, which notably includes high-performance boating ventures such as Cigarette Racing, acquired in 2021. Meanwhile, Orienta Capital Partners brings aboard seasoned experts Giancarlo Galeone and Augusto Balestra. Galeone, a seasoned veteran and former CEO of Ferretti, will assume the role of chairman of Sunseeker's board, working closely with Sunseeker’s existing CEO, Andrea Frabetti.
This acquisition follows Dalian Wanda Group's comprehensive divestment strategy aimed at alleviating substantial debt pressures, exacerbated by rising borrowing costs and stricter regulatory environments within China’s property sector. Sunseeker was originally acquired by Wanda in 2013 for £320 million, but recent fiscal challenges necessitated a shift in ownership to ensure the brand’s continued growth and innovation.
Despite the adversities faced under Wanda's tenure, Sunseeker has demonstrated remarkable resilience. Its order book achieved a significant milestone, reaching £625 million (€730 million) in 2023. Revenue projections for 2024 anticipate a substantial increase to £284 million, a significant rebound from pandemic-related disruptions that halved sales to £140 million in 2020, causing an EBITDA loss of £6.4 million.
As Sunseeker navigates this transformative phase, the symbiotic partnership with Lionheart Capital and Orienta Capital Partners promises a revitalized outlook, paving the way for a consolidated market position and an enriched portfolio that melds exquisite British engineering with the allure of Italian design.
