Just before Q1 2013 is over, we’d like to give you a news round-up with the latest stories from IBI Plus. Read on and you will find out more about the top 10 corporate deals in the marine industry. This ranking features business expansion, bankruptcies, mergers and acquisition.
1.- US-based yacht transporter Yacht Path International (YPI). The action was taken along with three other companies that have total debts of $26.6m, according to the South Florida Business Journal.
YPI has been operating since 2001 and has moved yachts of up to 24.5m (80ft) in length. Web-based reviews by customers of YPI vary widely from good to bad. YPI has been a regular exhibitor at a number of local boat shows, including FLIBS.
2.- In the scandinavian market, Anytec AB, a Swedish aluminium boat producer, has announced that its inboard boat division has filed for bankruptcy. The company had been under reconstruction since autumn 2012. The company said, however, that the Anytec AB division that produces aluminium boats for outboard engines has not been affected by the bankruptcy.
3.- Third in this list is French electric boatbuilder E3H. The company said the decision to file for bankruptcy is a result of the effects of an explosion on one of its boats in the marina of Saint Quay Portrieux, close to St Malo on the northern Brittany coast, back in July 2012.
4.- Businesses get financial boots: News struck on April 24, when the US yacht repair and refit specialist Marine Group Boat Works (MGBW) announced it has purchased the former Knight & Carver (K&C) facility in National City, San Diego.
Todd Roberts, MGBW vice president, told IBI that the group acquired the site for US$3m, and that will be spending around US$1m over the next six months to upgrade the facility.
5.- The dawn of Suzuki Motor of America:American Suzuki Motor Corporation (ASMC) is now Suzuki Motor of America, Inc (SMAI), following a Chapter 11 bankruptcy restructuring. The US Bankruptcy Court for the Central District of California approved a plan to sell the operating assets of ASMC to SMAI.
ASMC filed for Chapter 11 bankruptcy protection last November, saying it planned to cease selling automobiles in the USA, but would continue selling motorcycles and outboard engines. The Chapter 11 plan became effective March 31 when ASMC closed its assets sales and began paying claims for its automotive dealers through a creditor trust.
6.- Draco to make comeback? We had news related to the revival of the Draco. Windy Boats might resurrect the bankrupted Draco brands for its new series of small boats.
Draco, a Norwegian motorboat brand, filed for bankruptcy in 1992.
7.- Askeladden in merger with local dealer: In a move to strenthen the business, Norway´s Askeladden Boats AS has merged with the local boat dealer Båtens Beste AS. The merged company will operate under the name Askeladden Boats AS.
It has been reported that both companies expect to save some NOK4m (US$719,200) on a yearly basis through the new construction.
8.- Nimbus on road to recovery: In a more positive note, Swedish boatbuilder Nimbus has announced that it’s making good progress following its acquisition by R12 in September last year. The company restarted operations in the autumn, minus the Ryds and Storebro brands.
Nimbus filed for bankruptcy in July 2012.
9.- Fairline returns to profit: Fairline Boats has reported £82.6m in sales for 2012, a four per cent increase compared to last year. The UK builder has also revealed an underlying EBITDA of £3.7m, putting the company back into profit after a three-year trend of consecutive losses.
The company has invested £2.8m in the last 12 months in a turnaround programme set up under its new owners, Better Capital and RBS. The scheme has allowed the company to improve its manufacturing facility in Corby. Boat production has now moved from single model to a three mixed-model assembly lines, accompanied by the introduction of resin infusion technology and CNC machining for its furniture.
Get the IBI app on your iPad and you will be able to read on-the-go our in-depth report on Fairline’s new manufacturing facility.
10.- Sunseeker in Chinese hands: A Chinese entrepreneur whose interests include media and internet businesses has acquired a majority stake in excess of 70 per cent of Sunseeker China, one of Sunseeker International’s two non-exclusive distributors covering the Chinese mainland and Hong Kong.