On the occasion of the International Multihull Show and the press conference for the recently acquired Privilège Marine shipyard, with its new CEO Gildas Le Masson, Didier Stoessel, head of investments for the PPF Group, was kind enough to answer our questions about the investor's ambitions in the yachting sector, as he is already at the helm of catamaran manufacturer Robertson & Caine and charter companies Dream Yacht Worldwide and Navigare Yachting.
How would you like to position Privilège Marine in the market?
We want to keep its premium DNA. The yard builds top-quality ocean-going yachts. Of course, we'll be thinking about diversification, particularly in terms of more environmentally-friendly propulsion systems. We're going to give the shipyard back the means to develop that it hasn't had for some time. This means research and development and design office capacity. We expect to double the size of our design office within 6 to 12 months, enabling us to work on new resins and propulsion systems in particular. We also need to open up to new architects and designers.
PPF's resources should also provide access to an even more global market.
What does PPF's investment in Privilège Marine, and beyond, represent for the yachting industry?
These amounts are not public. Nevertheless, we can say that several hundred million euros have been invested since the beginning. Our marine division employs a total of 3,500 people today. All our companies have increased their workforce since we took them over.
Are there any other identified takeover projects in the yachting sector?
The appetite for yachting is growing, and we believe that growth in the sector over the next ten years or so will be significant. It's a global market. But it's an industry where everyone knows everyone else. You have to be respected and take your time. While our sales in the yachting sector are significant, representing a third of those of the Bénéteau group or twice those of Fountaine-Pajot, they remain moderate for the PPF group. Our approach is slow and methodical. The yachting industry is not one where you get up in the morning and choose which company to buy, it depends on the opportunities available.
How do you organize the different businesses within PPF, in particular rental, where you are a joint shareholder with the Bénéteau group, your competitor in construction? ?
As in any market, it's the customer who decides. Charter is part of our ecosystem, as are our PPF-owned marinas in Saint-Martin, the Seychelles and Polynesia, and our planned marinas in the British Virgin Islands. If you have a Privilege and stop off at a Dream Yacht base for a problem during your round-the-world trip, you know you'll have support. Similarly, when you buy a catamaran, you need to know where to put it in port, repair it or charter it.
Will we soon see the PPF Marine brand?
We buy strong brands and strengthen existing ones. The umbrella brand is interesting if the position is not very precise, which is not our case.
