Turnaround specialist at the helm of Bavaria
The Bavaria Yachtbau Group has been acquired by the German private equity firm Capital Management Partners (CMP) for an undisclosed amount. The new owner of the leading German yacht manufacturer, based in Berlin, is a specialist in the acquisition of industrial companies in difficulty in Germany, Austria and Switzerland. This decision puts an end to the uncertainty that lasted all summer. The administrator in charge of Bavaria, appointed in April 2018 following the activation of protective measures authorized by German legislation, has repeatedly postponed his choice, allowing concern to grow over the shipyard's future.
The Bavaria group keeps monohulls and multihulls
There have been many hypotheses about the future of the Bavaria group in recent months, with everyone launching rumors according to their information and interests. While heavyweights of the nautical industry, Italian like Ferretti or French like the Bénéteau group, have been mentioned, it was thought that the entity would be sold "by the piece". The Bavaria Catamarans subsidiary, born of the acquisition of the profitable French shipyard Nautitech, would have been separated from its ailing parent company. In the end, a block sale was chosen, as the multihull gives value to the sailing and motor monohull activity. CMP is taking over all 550 employees at the German site in Giebelstadt and the 250 employees at the French factory in Rochefort.
What does the future hold for the Bavaria Group?
While the activity of the Bavaria Group's boat factories is assured for the next few months, the longer-term future remains unclear. The final signature of the takeover contract must be validated in the coming weeks by the competition authorities. It has been approved by the pool of creditors. It will now be necessary to find a development policy for Bavaria Yachts. The German shipyard has experienced in the past the difficulty for a non-industrial shareholder to find the financial profitability expected in the yachting world. Will CMP have a logic corresponding to the yachting industry or will the search for a quick profit lead to new difficulties? The only certain consequences of the episode that has just ended are the damage done to the image of the Bavaria brand and its boats, after a long summer and back-to-school boat shows full of rumors...
