Silent-Yachts Rescued from Administration
Electric catamaran builder Silent-Yachts has been rescued from administration in a multimillion-euro initiative led by Michael Said, a US-German entrepreneur. The change in ownership will ensure uninterrupted progress on all in-build yachts, with the newly launched 62 3-Deck to be displayed at the 2024 Cannes Yachting Festival in September.
Fabrizio Iarrera, a veteran of the Italian yacht-building sector, will lead the new management team as CEO of Austria-headquartered brand. A new five-year strategy for “robust and solid growth” has also been put in place at Silent-Yachts’ Italian shipyard in Fano.
Exactly how much Said has invested in the company both to retrieve Silent-Yachts from administration and to save the jobs of 140 workers is being kept confidential. Under the new deal, Said holds a 70% stake in the brand and Michael Kohler, its founder, 10%. Said is a Silent Yachts client with a Silent 62 3-Deck in build now.
The remaining 20% will, in a novel arrangement, will be shared among “customers who committed to support us” and they will acquire equity/equity options of 20% total.
The new Austrian holding company for the group – Helios Yacht Investments GmbH, where Michael Said is CEO – serves as the acquisition vehicle which has taken control of all the assets formerly belonging to Silent-Yachts, including the intellectual property behind the yachts’ innovative design, and the shipyard Silent Italia in Fano.
In terms of new strategy, Iarrera told IBI: “The growth strategy is to streamline manufacturing and organisational processes in our Fano shipyard to make us more efficient and allow us to increase production as our demand increases.
“We also have a strong R&D team that will continue to invest in technological advances to keep us at the forefront of electric yacht technologies,” he said. “We have a medium-term strategy to fully develop Silent-Yachts’ range with new models available over the five-year business plan and offer a greater range for our customers.
“Silent-Yachts is seen as the world’s leading electric yacht builder with a number of yachts launched and operating worldwide. We have back orders for 17 yachts and are currently working to deliver these during 2024 and 2025. At our yard in Fano, we are fully focused on streamlining our operations.
Iarrera continued: “The team that we have built is committed to showing the world that we are delivering yachts and that our excellent R&D team can stay ahead of our competitors. We are certain that there is a bright future for Silent-Yachts.”
Said indicated that by Silent-Yachts keeping the yard in Fano running, it allowed the company to make progress on its existing orders for the Silent 62. The first of these yachts, a three-deck version, has just been launched, with a further seven due later this year. All of these yachts have been sold.
In addition, Silent-Yachts will launch its first 80-footer in June 2025. It will be shown at Cannes 2025, with another one due before the end of the same year. It constitutes an exceptionally strong pipeline of orders, reflecting widespread enthusiasm for the brand and the innovative technology it has developed.
In terms of reconfiguring the Fano shipyard, Iarrera told IBI: “We are restricted by transport limitations at the current yard due to the beam of the yachts, so currently only the 62 can be built in the yard. However, we are developing an additional facility in the port at Fano that could allow for two 80s to be built each year.”
Iarrera has already restructured the business and helped to set it on a strong footing for the future. He commented: “Silent-Yachts is known and recognized throughout the yachting world for developing the technology to make electric catamarans a reality. There are costs associated with creating an entirely new market, and the original business fell prey to these, at a time when price inflation everywhere was spiraling out of control.”
“Our yacht owners are passionate about the brand and the yacht itself, as our very strong pipeline of orders shows,” he remarked. “For Michael Said, it was an easy decision to invest in a restructured Silent-Yachts, and many of our other owners are just as keen. We know we have a job to do to rebuild the brand’s reputation, but we’ve been thrilled by the positive reception we’ve had from those who have already put in orders.”
Iarrera will run day-to-day operations with support from Michael Said and a board of shareholders. Steve Bell, a skilled manager from manufacturing businesses across the UK and Germany, as well as a qualified trainer for sailing and motor yachts up to 24m, has agreed to serve as vice chairman of the board, and together they will oversee the new business and assist the new management team.
The priority is to finish the yachts under construction and to deliver them to Silent-Yachts’ clients. Then the team will reshuffle its future production schedule to offer additional build slots for 2025 and 2026. All owners of a Silent yacht will enjoy the same service and warranty, continuing to enjoy full support from the brand’s worldwide network.
Silent-Yachts’ public relations spokesman indicated to IBI that further information will be issued in May regarding the order book and how far it extends, as well as new models in the range in addition to the 62 and 80.
No comment was forthcoming regarding the situation between Silent-Yachts and the VisionF shipyard in Turkey, which was involved in building a number of Silent-Yachts models.