Fairline Yachts has announced the RiverRock European Opportunities Fund II has acquired a majority stake in the business.
Following a successful partnership over the past 11 months, RiverRock has committed to a significant capital investment programme that secures the boat builder’s financial future following the turbulence created by Covid-19. Messrs Glyanenko and Volov welcome the investment from RiverRock and while maintaining a financial interest in Fairline, will be focusing on their core businesses which have been substantially impacted by both the Covid-19 pandemic and the oil price shock of recent months.
“By taking a majority stake in the business, RiverRock is demonstrating its continued support and confidence in Fairline,” says Fairline Yachts’ COO, Peter McNulty. “The investment secures our financial future and ensures we can continue the roll-out of our long-term strategic plan for the brand.
“As announced previously, the company has made some tough decisions to right-size the business as a result of the current extremely challenging market conditions. This has better positioned the company and aligns it more closely with our strategic plans both in terms of product and regional growth. The new investment from RiverRock provides us with the capital and execution ability we needed to fulfil these long-term growth plans.”
“RiverRock’s investment means we can continue our exciting and highly innovative new product development programme, which is critical for the sustained growth of the business and to meet our discerning buyers’ requirements.”