Bavaria Yacht Info
Member Forums => Scuttlebutt => Topic started by: heywoodp on April 21 2018, 06:23
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I'm hearing from several sources this morning, that Bavaria may have filed for bankruptcy. It seems their financial backers have pulled the plug. Has anybody else heard similar ?
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Heard the same. I'm not sure if it is bankrupt or is it just trying to get new financing. Either way, there is some issues in the company that needs to be solved
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If you google bavaria yachts it shows report in boote that they filed for bankruptcy .
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Link below to one area of information regarding Bavaria and this thread.
http://r.search.yahoo.com/_ylt=AwrJQ55279paxT0A_ByA3YlQ;_ylu=X3oDMTByaW11dnNvBGNvbG8DaXIyBHBvcwMxBHZ0aWQDBHNlYwNzcg--/RV=2/RE=1524326391/RO=10/RU=https%3a%2f%2fplus.ibinews.com%2farticle%2fvpS634HCr%2f2018%2f04%2f20%2fbavaria_files_for_bankruptcy%2f/RK=2/RS=tTT2pAFrZm..._AWZnjDbsCdY28-
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Most detailed article so far (in German): http://www.boote-magazin.de/aktuell/news/sondermeldung/a49124.html
Article key points (my translation):
Bavaria filed for insolvency after investors Oaktree and Anchorage pulled out due to high losses and several hundred million EUR debt caused by buying an overpriced yard and several years of operating losses. CEO Lutz Henkel had already departed the company "voluntarily" earlier this week.
Rumours about production and delivery problems after changes to the proven assembly line and strategic errors.
Nautitech (catamarans, acquired 2014) branch is doing well.
Production will continue for at least 3 months.
I think the yard and brand will probably continue to exist (this isn't the first time it underwent new ownership and big changes). There'll probably be some significant changes, new management, new investors and Nautitech could be sold off again.
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Perhaps they should stop firing their dealers. Loyalty goes a long way.
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Maybe Bavaria has not yet filed for bankruptcy. https://www.sail-world.com/news/204377/Bavaria-in-Administration (https://www.sail-world.com/news/204377/Bavaria-in-Administration)
Current owner has stopped pouring money to leaking bucket, but it looks that at least the boats currently in pipeline should be finished. However, it may not be uncommon that there are conflicting news in these situations and nobody knows what will happen.
My heart is with the customers that have already paid first downpayment and are waiting for their boats.
BR,
Tommi
s/y Anniina
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Furthter official information release by Bavaria themselves:
https://www.bavariayachts.com/en-uk/bavaria/latest-news/latest-news/self-administration/ (https://www.bavariayachts.com/en-uk/bavaria/latest-news/latest-news/self-administration/)
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Bankruptcy process at Bavaria:
You can read official statement in the following link
https://www.bavariayachts.com/en-uk/bavaria/latest-news/latest-news/self-administration/
Best regards
Sen Mora
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Update (German): https://www.br.de/nachrichten/bayern/bavaria-insolvenz-uebernahmeverhandlungen-ziehen-sich-hin,R2H1o2O
Essentially they're still looking for new ownership/investors, as one pulled out in the last minute. Production now continues at half capacity, 200 yachts have been delivered since the start of the insolvency proceedings.
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More rumours: Italian company Cantiere del Pardo behind Grand Soleil rumoured to be buying Bavaria Yachts in matter of weeks. This would enable them to expand their offering both to motor yachts as well as to more economical product ranges than the luxury-end GrandSoleil.
Sources:
http://www.totalvene.fi/lue/uutinen/pardo-ostamassa-bavarian (http://www.totalvene.fi/lue/uutinen/pardo-ostamassa-bavarian) - unfortunately only in Finnish
https://plus.ibinews.com/article/C0To6n6EGig/2018/09/03/buyer_for_bavaria_in_sight/ (https://plus.ibinews.com/article/C0To6n6EGig/2018/09/03/buyer_for_bavaria_in_sight/) -
s/y Anniina
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Here the announcement released today by Bavaria yachts.
It's good news.
https://www.bavariayachts.com/en-uk/bavaria/latest-news/latest-news/new-investor-on-board/
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The following published by Clipper Marine today
Future of Bavaria Yachtbau secured
A private equity fund advised by the German investment company CMP Capital Management-Partners will continue Bavaria Yachtbau.
The subsidiary Bavaria Catamarans is also being acquired.
All 800 employees working in Giebelstadt, Germany and Rochefort, France will transfer to the purchaser.
A private equity fund advised by the Berlin-based investment company CMP Capital Management-Partners will acquire the entire business of Bavaria Yachtbau and continue its operations. It will also acquire all shares in French subsidiary Bavaria Catamarans S.A.S. All 550 employees of Bavaria Yachtbau in Giebelstadt and all 250 employees of Bavaria Catamarans in Rochefort will transfer to the purchaser.
A corresponding purchase contract between the management of Bavaria Yachtbau GmbH and CMP was concluded and notarized today. The creditors' committee gave its approval, as did the administrator of Bavaria Yachtbau GmbH, Dr. Hubert Ampferl. The purchase will be completed after merger control clearance by the German Federal Cartel Office, which is expected in a couple of weeks. The parties have agreed not to disclose the purchase price.
CMP Capital Management-Partners is a German investment company that has specialised in the acquisition of companies in distress in Germany, Austria and Switzerland since its foundation in 2000. CMP’s private equity funds are advised by Berlin-based CMP Capital Management-Partners. With the investment in a company, CMP employees assume operative management responsibilities on site. In the case of Bavaria, Dr. Ralph Kudla, restructuring expert and partner at CMP, will join the executive board.
Kai Brandes, Managing Director of CMP Capital Management-Partners explains: "We are convinced of Bavaria's global market potential and will sustainably develop the company. The restructuring measures will focus on regaining market share and improving production costs.”
Restructuring expert Dr. Tobias Brinkmann, Managing Director of Bavaria Yachtbau since insolvency proceedings began in April 2018 states: "Bavaria is an outstanding company with a strong brand, compelling products and a highly dedicated team. We are pleased to have found a well-known and experienced buyer in CMP who will lead Bavaria into the future. The entire management would like to thank our employees, yacht dealers, customers and suppliers. They have all supported Bavaria Yachtbau during the insolvency proceedings. The fact that Bavaria has been able to successfully build and deliver 220 yachts during the last five months shows how committed and reliable our staff is.”
Giebelstadt / Rochefort, 15 September 2018
Press contact:
Cord Schellenberg
Schellenberg & Kirchberg PR
telephone +49 40 593 50 500
Mobile +49 171 8333 876
mail@schellenberg-kirchberg-pr.de
Southampton Boat Show
We look forward to welcoming you to the Bavaria stand at Southampton Boat Show which started on Friday. Keep an eye out for the Bavaria flags in the marina area and you will find us!
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Very happy to hear the good news. I definitely like owning a brand that is still in existence. But, as stated, "The restructuring measures will focus on regaining market share and improving production costs.” Isn't that 'bizspeak' for lower quality production? Sure hope not!