Silent-Yachts emerges stronger under new ownership
by Silent-Yachts 16 Apr 2024 14:07 PDT
• Michael Said buys Silent-Yachts out of administration
• Funding ensures uninterrupted progress on all in-build yachts
• First new 62 3-Deck just launched
• New management team led by CEO Fabrizio Iarrera
Leading electric catamaran builder Silent-Yachts has shaken off a period of financial difficulties to emerge stronger under new ownership. With a new management team in place and access to fresh funding, there is a robust and solid growth strategy in place that covers the next five years.
New majority owner Michael Said is an American-German investor who is also a client of Silent-Yachts, with a Silent 62 3-Deck in build now. Through his acquisition vehicle Helios Yacht Investments GmbH, he 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.
Said ensured that funding didn't dry up last year, safeguarding 140 jobs when the previous business fell into administration. By keeping the Italian yacht building operation in Fano running, he allowed Silent-Yachts to make progress on its existing orders for the Silent 62. The first of these yachts, an outstanding three-deck version, has just been launched, with a further seven due later this year.
In addition, Silent-Yachts will launch its first 80-footer in 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.
New CEO Fabrizio Iarrera, a veteran of the Italian yachting sector, has already restructured the business and helped to set it on a strong footing for the future. "Silent-Yachts is known and recognised throughout the yachting world for developing the technology to make electric catamarans a reality," he said. "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 spiralling out of control."
"Our yacht owners are passionate about the brand and the yacht itself, as our very strong pipeline of orders shows. 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 has agreed to serve as vice chairman of this board and together, they will oversee the new business and assist the new management team to achieve growth. Bell is a veteran manager from manufacturing businesses across Britain and Germany, as well as a qualified trainer for sailing and motor yachts up to 24m.
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.
Iarrera finished: “At our yard in Fano, we are fully focused on streamlining our operations. 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."
Graham Raspass from the exclusive Australian dealer for Silent Yachts, Flagstaff Marine, stated, "We are delighted to see the next phase in SILENT-YACHTS journey commence with the backing of the investors, particularly the Lead investor Micheal Said. Together with the new experienced management team, this will ensure that the company continues with its groundbreaking achievements within the solar power yacht market development, where it’s an industry leader."