The Bold New Era for Sunseeker
Less than two months ago, during the much-anticipated Fort Lauderdale Boat Show 2024, the marine world was abuzz with the news of Sunseeker’s acquisition by an ambitious partnership between two funds: Italy’s Faro Alternative Investments and American firm Lionheart Capital. This move signals not only a shift in ownership for the esteemed British shipyard but a fresh strategic direction aimed at revitalizing this iconic brand.
Leadership and Vision
At the helm of this new chapter for Sunseeker is Giancarlo Galeone, a seasoned veteran in the yacht industry. With over 30 years of experience, Galeone is no stranger to the high seas. Previously serving as CEO and Vice President of the Ferretti Group under Norberto Ferretti’s presidency, he played a pivotal role in transforming the company into a formidable player in the luxury yacht sector. His subsequent ventures, including Wally Yachts and the founding of Anvera, have cemented his reputation as a forward-thinking leader.
In an exclusive interview conducted last week in Rome, Galeone shared insights into his vision for Sunseeker’s future.
Genesis of the Acquisition
The discussions surrounding Sunseeker’s acquisition began during the Monaco Yacht Show 2023. “I met Andrea Frabetti, Sunseeker’s CEO, and we began talking about the future of the brand,” Galeone recounted. Recognizing the competitive landscape, he sought to collaborate with Lionheart Capital rather than engaging in a potentially damaging bidding war. This strategic partnership reflects a commitment to avoiding dysfunction while maximizing operational synergy.
Change in Leadership Dynamics
One of the marked differences, Galeone explained, is the shift from a distant board under Chinese ownership to an active, engaged leadership team. The new board comprises a rich mix of expertise from the luxury and nautical sectors. Beyond Galeone and Frabetti, notable names include Augusto Balestra, a long-time collaborator, and Anthony Sheriff, who brings invaluable experience from the automotive sector. This collective expertise positions Sunseeker for transformative growth.
Production and Market Position
Currently, Sunseeker produces around 110 vessels per year, with potential to ramp that up to 140 under optimal market conditions and without major capital investments. Galeone describes the yacht market’s two-speed nature: “It remains slow for smaller boats but robust for larger yachts.” With this insight, the leadership is poised to navigate market fluctuations adeptly.
Ambitions Beyond Yachting
When asked about future acquisitions, Galeone emphasized that Faro Alternative Investments is not solely focused on yachting. The fund has broader ambitions with a target of raising €1 billion by 2026. Though Sunseeker marks a significant entry point, Galeone hinted at diverse portfolio expansion while keeping specific plans under wraps.
Upcoming Models and Innovations
Galeone expressed excitement about upcoming launches, specifically the Manhattan 68, which was in development under previous ownership. “It’s an excellent boat, and we have high expectations for it,” he stated, showcasing confidence in both the legacy and future of the brand. The strategy will continue to lean towards high-end models, ensuring the brand retains its distinctive British identity while pushing towards new horizons.
Infrastructure and Production Strategy
While modernizing and improving infrastructure is on the agenda, Galeone confirmed that production would remain in Poole, UK. “Moving production elsewhere would undermine the brand’s heritage,” he emphasized, reinforcing the idea that Sunseeker is as British as the ethos it stands for.
Collaborative Synergies
This nostalgic commitment to British craftsmanship is complemented by Italian design influences, with approximately 20-25% of components sourced from Italian suppliers. Galeone sees this international synergy as a way to elevate Sunseeker’s standing in the competitive maritime landscape while retaining its unique identity.
Future Market Aspirations
Discussing Sunseeker’s market performance, Galeone noted the brand’s particular strength at events like the Southampton Boat Show. “While other Italian brands struggle, Sunseeker thrives in these markets,” he observed, pointing to the robust demand from Northern European clients and loyal Commonwealth customers.
Strategic Partnerships
Weaving a narrative around strategic partnerships, Galeone mentioned Marco Segato, an external consultant aiding in commercial strategy. This approach underscores the importance of collaboration within the revitalized Sunseeker framework to enhance growth potential across diverse markets.
Conclusion
As Sunseeker embarks on this transformative journey, the collaboration between Faro Alternative Investments and Lionheart Capital, guided by Galeone’s seasoned leadership, is set to reshape the future of this prestigious brand. With ambitions that blend heritage with modernization, the next chapter for Sunseeker promises to be as bold as its legendary vessels.