Electric catamaran manufacturer Silent-Yachts has successfully completed a disruptive management change with an agreement with the old management and the unveiling of a new ownership and leadership team.
Rumors of the bankruptcy of the Austrian-Italian shipyard have been ongoing since the beginning of the year, but the company has confirmed that it has completed the restructuring from a founder-funded entity to an investor-funded entity, and that German-American investor Michael Said, through his acquisition vehicle, Helios Yacht Investments, has taken control of all the assets that originally belonged to Silent-Yachts. Founder and former CEO Michael Koehler retains a 10% stake in the company and will assume the role of brand ambassador.
The main part of the acquisition includes the intellectual property behind the yacht's innovative design, as well as the Silent Italia shipyard in Fano, Italy.
CEO-Fabrizio Iarrera
The company has also appointed a new CEO, Fabrizio Iarrera, to restructure the business. Iarrera, an Italian industry veteran who has worked at Monte Carlo Yachts and Dolce Vita yachts, was appointed chief operating officer earlier this month. He will be responsible for the day-to-day operations with the support of Michael Said and the Shareholders Committee.
At the same time, Steve Bell has agreed to serve as Vice Chairman of the Board of Directors, who will jointly oversee the new business and assist the new management team in achieving growth. Bell is a British and German manufacturing elite and a veteran instructor for 24-metre sailing and motor yachts.
The Austrian builder has recently run into financial trouble and has undergone a restructuring process due to a shutdown of a key subcontractor, making it difficult for the shipyard to produce solar catamarans, while parent company Asap Trading is also mired in debt, with a total debt of €46 million.
Now, however, with a new management team and new sources of funding, they are confident that the next five years will usher in a solid growth strategy. Under the new ownership, Silent-Yachts has emerged from its financial woes and has emerged stronger and more assertive, the company said in a statement.
Michael Said
The smart investment of the new shareholder, Michael Said, not only protects 140 valuable jobs, but also gives the shipyard a new lease of life. As a valued customer of Silent-Yachts, Michael Said is looking forward to his Silent 62 triple version of the solar-electric catamaran. With his addition, Silent-Yachts has made significant progress on its existing Silent 62 order, with the first three-deck yacht successfully launched, and seven more to be added later this year.
In its future plans, Silent Yachts has ambitious plans to launch its first Silent 80 model in 2025 and a new model by the end of the year to meet the needs of the market.
"Silent Yachts is well known in the yachting world for developing the technology that makes electric catamarans a reality," says Iarrera. There are costs to creating an entirely new market, and when price inflation is out of control everywhere, the old business becomes a casualty of those costs.
"As our strong order book shows, our owners have a lot of love and trust for the brand and the yacht itself. Michael Said, who has dual German and American citizenship and practices law in the United States, has a global real estate portfolio and is looking for a future business investment. For Michael Said, investing in the restructured Silent Yachts was a sensible and emotional choice. He has always been a firm believer in the company's potential, and many other shipowners are equally keen to support the brand. While rebuilding your brand's reputation is still a daunting task, they are encouraged by the positive feedback from customers who have already placed orders.
Silent-Yachts says the priority now is to complete the yachts under construction and deliver them on time. With an order for 17 yachts, they are working hard to meet their delivery targets in 2024 and 2025. Subsequently, the team will adjust future production plans to allow more production time for 2025 and 2026. The company promises that all Silent-Yachts owners will enjoy the same service and warranty, as well as continue to be fully supported by the brand's global network.
Iarrera added: "At our Fano shipyard, we are committed to optimizing our operational processes and improving efficiency. Our team is doing everything in their power to show the world what we are capable of – we are delivering high-quality yachts on time, while our R&D team is constantly striving to outperform our competitors. We are confident in the future of Silent Yachts. ”