Silent-Yachts acquired out of administration

SY60 DRONE-303 - Credits Alberto Cocchi SY60. Image courtesy of Alberto Cocchi

Electric catamaran builder Silent-Yachts has revealed a new owner and new management after finalising a deal to take it out of administration.

Amid rumours of bankruptcy that have persisted since the start of the year, the Austrian-Italian shipyard has confirmed that American-German investor Michael Said, through his acquisition vehicle Helios Yacht Investments GmbH, has taken control of all the assets formerly belonging to Silent-Yachts.

The majority acquisition includes the intellectual property behind the yachts’ innovative design, and the shipyard Silent Italia in Fano.

Fabrizio Iarrera - CEO
Fabrizio Iarrera – CEO

The firm has also appointed a new CEO, Fabrizio Iarrera, to restructure the business. Iarrera — an Italian industry veteran who has worked at Monte Carlo Yachts and Dolce Vita Yachts — was appointed COO earlier this month. He 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 manager from manufacturing businesses across Britain and Germany, as well as a qualified trainer for sailing and motor yachts up to 24m.

With a new management team in place and access to fresh funding, the firm maintains that ‘there is a robust and solid growth strategy’ in place that covers the next five years. In a statement, the firm says it has ‘shaken off a period of financial difficulties’ to ’emerge stronger’ under new ownership.

Michael Said - Majority Owner

New majority owner Said (pictured left) ensured that funding didn’t dry up last year, safeguarding 140 jobs when the previous business fell into administration.

Said is also a client of Silent-Yachts, with a Silent 62 3-Deck currently in build.

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, a three-deck version, has just been launched, with a further seven due later this year.

Silent-Yachts will launch its first 80-footer in 2025, with another one due before the end of the same year.

“Silent-Yachts is known and recognised throughout the yachting world for developing the technology to make electric catamarans a reality,” says Iarrera. “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.”

Silent-Yachts says its 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. It says 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 adds: “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.”

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