These are the top five stories that hit the headlines this month, plus additional market data that is available for IBI Plus subscribers.
5.- Outboard shipments up in US for tenth consecutive month: Wholesale shipments of outboards were up for the tenth consecutive month in the US, according to data from the National Marine Manufacturers Association (NMMA). There was incremental year-over-year growth across all power categories.
IBI Plus subscribers get access to our latest report on USA boat sales data
4.- Sealine seeks new capital: UK boatbuilder Sealine is up for sale, according to a report in The Sunday Times yesterday. The boatbuilder declined to comment on the news, only to say that an outright sale of the firm was one option it was looking at and that possible equity partners were also being sought by owners Oxford Investment Group Inc with a view to injecting new capital into the company. Oxford has appointed KPMG to lead the search.
The updated headline financials for Sealine is available to IBI Plus subscribers
3.- Nord West & Najad: “no boats in stock”:
Bankrupt Swedish yard Nord West & Najad had no boats in stock when it filed for bankruptcy on February 26. The information came to light during court proceedings last Friday. The company filed for bankruptcy with debts of €22m.
The company’s headline financials is available to download for IBI Plus subscribers
2.- New Bavaria CEO:
Oaktree Capital’s Constantin von Bülow has been appointed new CEO of the German yard. The two hedge funds that control the company announced the appointment leading the former automotive industry manager Jens Ludmann to be replaced after only two and a half years at the helm of Bavaria. Constantin von Bülow (pictured) is senior vice president at investors Oaktree Capital.
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TOP ONE.- Yanmar acquires VETUS: Dutch boat equipment systems’ manufacturer Vetus has joined the Japanese diesel engines, accessories and finishing equipment firm. Vetus is now 100 per cent owned by Yanmar, but will retain its brand name and all its current business lines, including engines. The brand will continue to be developed separately and independently.
Following the acquisition, the Dutch manufacturer and distributor has released 2012 figures for Vetus NV. The company’s sales for 2012 amounted to around €40m, down from around €43m in 2011. EBITDA (Earning before interest and taxes) for the same period also fell from €2.4m to €1.1m reflecting the continued downturn in the market in the second half of 2011 following signs of market recovery in 2010.