Through new funding and a restructuring of its debt, Sunseeker has new majority investors from the UK and Ireland.
FL Partners, which was founded in 2006 as an investment vehicle and which owns the horseracing paper Racing Post, has, along with other investors, injected £25 million (about $36.2 million) of new capital into Sunseeker. FL Partners also refinanced Sunseeker’s existing debt with a £40-million ($57.9-million) package of long-term loans. The new funds and the refinancing should permit Sunseeker, which employs more than 2,300 people, to continue its current production of speedboats and superyachts to 40 meters (131 feet). It should also allow Sunseeker to expand into the 50-meter (164-foot) market, a plan previously put in place.
Robert Braithwaite, cofounder of Sunseeker, remains the largest single shareholder outside of the new investors. He is now president and non-executive chairman of the yard’s parent company, Sunseeker International (Holdings) Limited. Stewart McIntyre, COO of Sunseeker, is now managing director. In a statement released by Sunseeker, McIntyre says, “Whilst we continue to operate in a recovering market place, Sunseeker is one of the few luxury yacht manufacturers which has maintained consistent sales revenue in recent years, itself a reflection of the global standing of the business, its products and the strength of its brand.” He adds that there are a few open build slots for yachts and megayachts for fiscal year 2011 and 2012.