The Azimut-Benetti Group has assumed full ownership of Fraser. The company previously owned 83% of Fraser, but acquired the remaining 17% from minority shareholder V.Ships. Exact financial terms were not disclosed.
Azimut-Benetti said that the acquisition was a key step in its development and expansion strategy. The Fraser Group is the world’s largest provider of consulting services for yachts and superyachts. Its services include sales, charter retail, charter management, yacht management and crew placement. The company buys and sells over 50 superyachts each year, with revenues exceeding more than half a billion Euro. The Group also manages 120 superyachts. It has offices in 14 cities around the world.
“Azimut|Benetti's operation will allow Fraser to continue the growth trend that has been going on for years and has led the company to a leading position in the industry,” said a statement. As part of its expansion, the company recently established new offices have been set up in New York and Hong Kong.
"This recent acquisition is part of the strategic plan of our Group to offer the owners not only the most beautiful yachts, but also the utmost in service,” says Paolo Vitelli, president of the Azimut-Benetti Group, in a statement. “We are the only player in the yachting industry that takes care of the owner during the entire process.”
The Group also mentioned several goals for its Benetti division. They include strengthening its leadership in southern Europe, increasing its business in the 90m-plus superyacht segment, and launching the new Oasis collection.
The Azimut Yachts division will continue the “intense” launch schedule of yachts from its five collections. The brand has made sizable investments in research and development in order to fund an aggressive new-product schedule.