Between major maneuvers and strategic adaptations
After a euphoric end to the pandemic, marked by significant inflation, is the nautical industry on the verge of a landing? The capital and management movements seen around some of the market’s major players could well be the signals of a new era.
Text: François Trégouët
To celebrate its 140th anniversary, the Bénéteau Group has given itself a gift of choice at the start of 2024, with the publication of historic 2023 results: sales of 1.784 billion euros, up 18.3%, and positive net income of 182 million (10.2%). More than ten points is exceptional when you consider that it had been fluctuating between 0 and 6% for 15 years. With a net cash position of 247 million, the world leader is also investing in usage (financing, leasing, concierge services, boat club, etc.), in the refit of boats over 60 feet at the Monfalcone site (Italy), and in alternative propulsion with a significant stake in Candela, a Swedish manufacturer of electric foil boats. But are the short-time working introduced at several production sites, the very short delivery times observed for certain models, and even significant discounts, already a sign of a market turnaround? The marine industry has always been sensitive to its macro-economic environment. Today, it is particularly complex, still marked by inflation, rising interest rates and conflicts, particularly in Europe and the Middle East. Valued at 1.1 billion euros on the Paris stock exchange, Bénéteau nevertheless appears undervalued to some analysts, and could attract covetous investors, even though the group is still more than 54% controlled by the family holding company Béri21. In the meantime, informed observers are looking eastward, because in 2021, Bénéteau may have let the wolf into the henhouse.
PPF, the butterfly effect?
That same year, the Vendée-based group (41%) joined forces with PPF (59%) within Blue Sea to take over the activities of Dream Yacht and Navigare, yacht charter companies then seriously shaken by the Covid crisis. Founded in 1991, and until now more focused on telecommunications, media, financial services and real estate, the Czech investment fund PPF, with 60 billion euros in assets, has now entered the world of yachting. The first domino effect of this acquisition is that Sunsail and The Moorings, the two main competitors of the new holding’s charter companies, are ending their historic partnership with monohull manufacturer Jeanneau, owned by the Bénéteau Group, and moving over to Dufour, acquired by Fountaine Pajot in 2018. Two further acquisitions are sure to make waves. In March 2023, PPF bought South African catamaran manufacturer Robertson and Caine from its founders.
its founders. If the historic agreements with charterers Sunsail and The Moorings are deemed to be maintained, it’s hard to imagine that in the medium to long term the relationship between the two charterers and the shipyard will not be affected. Finally, the latest acquisition by the Czech fund, which already owns marinas, confirms its appetite and global vision for the yachting sector, while at the same time shaking up organizational charts. With Privilège Marine, PPF has acquired a jewel in the crown of luxury on the water, and has hired Gildas Le Masson from Nautitech to take over its management. Nautitech, owned by Germany’s Bavaria, will be looking for Yves Basle to replace him. A return to his roots for the man we saw in the early 2000s at Dufour, Bénéteau and then Zodiac. With Marsaudon Composites, in dire straits, taken over by Grand Large Yachting, Cantiere Del Pardo acquired by Italian textile specialist Calzedonia Group, the liquidation of Ocean Shipyard, builder of Discovery yachts, a change of shareholder at JFA and Tricat changing hands in a calmer context, the last 12 months have been very busy!
The charm of independence
All this excitement must be viewed with a great deal of composure in Greiswald, on the shores of the Baltic Sea, where Hanse Yachts AG is based. The former shareholder of Privilège, which sold its stake in the shipyard at the end of 2022, has decided to delist from the Frankfurt stock exchange at the beginning of 2024. Buoyed by the success of the new Hanse and Fjord ranges, the German group, together with its majority shareholder Aurelius, acquired the remaining 20% of the company’s capital on the back of excellent results. The group hopes to save over half a million euros a year by freeing itself from the many legal constraints associated with its listing, and to invest more time in the development of new models. Time is what Alubat’s shareholders gave the teams before handing over the reins of this specialist in integral aluminum dinghies. Almost ten years will have elapsed between 2014 and the takeover of the then struggling shipyard, before Luc Jurien, its Managing Director, and 6 employees take over in the summer of 2023. Successful precedents such as Amel back in 1979, and Harken in 2020, demonstrate that employee buyouts can lead to exemplary success stories. In any case, all these twists and turns are indicative of a market in perpetual motion, certainly buffeted by its environment, but always coveted and, above all, so very much alive!
