SAY Carbon Yachts files for insolvency
German boat builder, SAY GmbH, has filed for insolvency, according to an official statement released by the CEO, Karl Wagner. The process commenced on 23 January 2024, due to a slower than expected growth in sales following its recent investment to expand SAY boat models. During the phase of insolvency, SAY Carbon Yachts says it is exploring opportunities to receive investment from a strategic partner (and is seeking enquiries) to support sales and expansion efforts. The goal will be to build upon the strong brand and foundations set over the past 10 years.
Since mid-2023, the boat builder has faced lower than expected growth and sales.
While the global market slowed over the last two years, SAY Carbon Yachts says it continued to innovate and grow continuously pushing limits building longer vessels, launching the upgraded SAY 42 in 2022 and the all new SAY 52 in 2023. In 2023, SAY announced the development of three new models including the SAY 32, SAY 42 Outboard and SAY 52 Open, building upon consumer tastes and plans to expand into the US market.
Despite the rapid growth and positive market response to the products, the recent crisis in the marine industry took its toll. In 2023, SAY’s annual turnover was at €4.63m.
“Luckily there seems to be interest and we are already in touch with potential investors,” says Wagner. “We definitely want to save SAY as we are convinced that the boats and our carbon fibre technology are unique and the business is worth being continued.”
The company was launched in 2006 near Lake Constance, Germany. SAY first began by building sailboats and RIBs with a focus on lightweight design based on carbon fibre materials before pivoting to luxury yachts. In 2014, Karl Wagner, invested into SAY and subsequently brought additional investors into the company over time. Their investment transformed the business into SAY Carbon Yachts. Previously Wagner founded the Austrian-based Carbo Tech Composites GmbH and grew this company in carbon fibre technologies within the automotive industry.
