Magic Yachts is located on the coast in Bizerte’s free zone
After a fifth year with average annual growth over 50% and an order book that will result in exceeding the threshold of €100m in revenue this year, the Catana Group has just signed an agreement to acquire a majority stake in Magic Yachts.
In 2012, Tunisia’s Magic Yachts took over the shipyard founded in 1999 by Wally, the Monegasque builder of luxury yachts.
Magic Yachts is located on the coast in Bizerte’s free zone, covering close to 30,000sq m, with over 10,000sq m in modern facilities and an experienced workforce. Throughout its history, the company acquired exceptional know-how in all aspects of luxury shipbuilding (sailing yachts and power boats up to 40m, including catamarans), mastery of all the technologies using composite materials (infusion, injection, prepreg fabrics, epoxy, carbon), modelling, tooling, woodworking, stainless steel, refitting ships of up to 45m, etc.
Due to a very high demand for its two product lines (Catana and Bali), seven months ago the Catana Group announced its intention to open a new factory in Canet-en-Roussillon. However, “difficult negotiations with the local authorities to find the necessary surface area by the water, bureaucratic timeframes incompatible with our industrial needs, real problems recruiting qualified personnel and the significant increase in taxes on industrial activities influenced our final decision,” said the company in a statement.
The existing Canet-en-Roussillon site that manufactures almost half of the group’s catamarans will nevertheless be optimised in the coming months, thus allowing production of the classic Catana line to double.
Finding an existing large production facility therefore became the best solution to meet the ever-increasing production needs of the Bali line as its highly innovative concept has been responsible for taking over a much larger market share over the last several years.
Catana Group and Magic Yachts, having been in business together the last several months for the manufacture of models and moulds, have laid the groundwork for a more ambitious joint project, in collaboration with Francesco Campana who has managed the shipyard since 2003 and will remain involved in the venture for the long term.
These discussions quickly resulted in an agreement for the acquisition of 75% of Magic Yachts’ capital via Haco, the Catana Group’s Tunisian production subsidiary that is already responsible for 20% of the Group’s production.
This acquisition will be finalised after the remaining conditions precedent have been met, i.e., in March 2020, at the latest, but collaboration between the two companies has already intensified.
With this transaction, the group will increase its industrial capacity with an additional site already having proven know-how, thus allowing it to increase production and therefore the group’s profitability.