Bavaria Yachts has announced it has been bought by a private equity fund, securing 800 jobs in Germany and France


17 September 2018

Bavaria Yachts has been bought out of administration by a private equity fund.

The yacht builder went into self-administration in April, and has been looking for new backers since then. The move allowed the firm’s management to remain operational while new investors were sought.

In a statement, Bavaria said the unnamed private equity fund, which is advised by the Berlin-based investment company CMP Capital Management-Partners, has acquired Bavaria Yachts and all of the shares in the French subsidiary Bavaria Catamarans SAS.

All 550 employees of BAVARIA YACHTS in Giebelstadt and all 250 employees of BAVARIA CATAMARANS in Rochefort will transfer to the purchaser.

The purchase will be completed after merger control clearance by the German Federal Cartel Office, which is expected in a couple of weeks.

Both parties have agreed not to disclose the purchase price.

CMP Capital Management-Partners is a German investment company that has specialised in the acquisition of companies in distress in Germany, Austria and Switzerland since its foundation in 2000.

With the investment in the company, CMP employees assume operative management responsibilities on site. In the case of Bavaria, Dr. Ralph Kudla, restructuring expert and partner at CMP, will join the executive board.

The managing director of CMP Capital Management-Partners, Kai Brandes, said: ‘We are convinced of Bavaria’s global market potential and will sustainably develop the company. The restructuring measures will focus on regaining market share and improving production costs.’

Restructuring expert Dr. Tobias Brinkmann, who has been managing director of Bavaria Yachtbau since insolvency proceedings began in April 2018, praised the commitment and reliability of Bavaria staff, who have built and delivered 220 yachts during the last five months.

‘Bavaria is an outstanding company with a strong brand, compelling products and a highly dedicated team. We are pleased to have found a well-known and experienced buyer in CMP who will lead Bavaria into the future,’ said Dr Brinkmann.

‘The entire management would like to thank our employees, yacht dealers, customers and suppliers. They have all supported Bavaria Yachtbau during the insolvency proceedings,’ he added.

22 May 2018

Bavaria Yachts says it has already had interest from potential investors, and hopes to make an announcement in July.

In a statement, the German yacht builder said production had ‘stabilised’ at its Giebelstadt yard, and it was continuing to take new orders and deliver new boats.

‘More than 30 yachts have left the shipyard over the past two weeks and have been handed over to customers,’ said the boat builder.

‘All 600 employees are on duty, and agreements were reached with all major suppliers for further delivery against short payment terms,’ it added.

‘The objective is to be able to present an investor in July 2018.’

There was widespread surprise when Bavaria announced it was going into self-administration last month.

The self-administration move allowed the firm’s management to remain operational while the business is re-organised

It only affected operations at Bavaria’s German operations. Nautitech – Bavaria’s catamaran arm – was unaffected.

Restructuring expert, Dr Tobias Brinkmann, who was appointed to find new investors, said: ‘We are continuing the operation and want to go into the coming order season with a new investor.

‘The first expressions of interest have already been received, and we are also actively approaching potential investors,’ he added.

24 April 2018

Bavaria Yachts has confirmed that it is now in self-administration, allowing the management to remain operational as it seeks new financial backing.

The move only affects Bavaria’s operations in Giebelstadt, Germany. Nautitech – Bavaria’s catamaran arm – remains unaffected and trading, delivery and after sales service at its base in Rochefort, France continues as normal.

600 workers are being kept updated, and their salaries and wages are secured by bankruptcy pre-financing until June 2018. Boat production and deliveries will also continue until then.

‘In the current situation, we want to supply our customers with the usual high quality,’ stressed Bavaria’s chief operating officer, Erik Appel in a statement released late yesterday.

Dr. Ing. Tobias Brinkmann, specialist lawyer for insolvency law and partner in the law firm Brinkmann & Partner, joins the management team.

Bavaria’s previous CEO, Lutz Henkel, left the management board last week.

Bavaria said its ‘top priority is now the search for an investor’, and against the background of a good market position, the aim was to ‘put the operation on a sound financial basis’.

‘We have years of experience building high-quality yachts and are industry leaders in many areas,’ said Appel.

Last month, Bavaria marked its 40th anniversary. It is considered one of the market leaders in European yacht building.

In a statement, Nautitech Catamarans, said: ‘To this day, the catamaran business remains in Rochefort France. It is an independent French company with its own employees, suppliers and bank accounts. Seen as the “jewel in the crown” of the Bavaria group, the well managed and profitable catamaran business is already attracting interest from potential buyers.

‘Whilst we understand that both the catamaran division and the struggling German operation will probably soon be under new ownership, or indeed ownerships, the operation of the catamaran business is completely unaffected by the situation in Germany. Therefore trading, delivery and after sales service continue as before.’

22 April 2018

Despite no official communique from the company itself, reports from Germany on Friday (20 April) indicate that Bavaria Yachts has gone into administration.

The company employs over 500 people in Giebelstadt, Bavaria making power and sail yachts up to 65ft long. A separately owned multihull brand, Nautitech, is based in La Rochelle, France and is expected to continue business as usual, according to several reports.

A statement is expected early in the week.