Private equity firm swoops to rescue Hatteras Yachts
Hatteras Yachts has been purchased by US-based private equity firm, Versa. Although the value of the deal is yet to be revealed, it could help to ensure the completion of the yard's current superyacht project. …
American private equity firm Versa has purchased Hatteras Yachts from previous owner, Brunswick Corporation. An exact figure for the deal is as yet, unconfirmed, but is believed to be placed above the $10 million entry point Versa has set on its previous acquisitions.
Whilst Hatteras operates at the very bottom of the superyacht size spectrum, Versa CEO Gregory Segall felt the company, and its sister operation CABO, were representative of top-end quality. “Both Hatteras and CABO are cornerstone American brands in their respective luxury marine markets, and both have been affected during the extended economic downturn”, he explained.
“Working with the company’s seasoned management team, we see great opportunity to build value in these businesses while retaining the expertise in engineering and eastern seaboard production that has given Hatteras/CABO their well-earned reputations as premier yacht and sportfishing vessel builders.”
SuperyachtNews.com contacted Hatteras Yachts but the company was unavailable for comment. Despite being beset by financial problems this capital injection could however, prove pivotal in supporting the completion of the yard's solitary superyacht project, the Hatteras 100, due for delivery later this year.
Whilst Hatteras operates at the very bottom of the superyacht size spectrum, Versa CEO Gregory Segall felt the company, and its sister operation CABO, were representative of top-end quality. “Both Hatteras and CABO are cornerstone American brands in their respective luxury marine markets, and both have been affected during the extended economic downturn”, he explained.
“Working with the company’s seasoned management team, we see great opportunity to build value in these businesses while retaining the expertise in engineering and eastern seaboard production that has given Hatteras/CABO their well-earned reputations as premier yacht and sportfishing vessel builders.”
SuperyachtNews.com contacted Hatteras Yachts but the company was unavailable for comment. Despite being beset by financial problems this capital injection could however, prove pivotal in supporting the completion of the yard's solitary superyacht project, the Hatteras 100, due for delivery later this year.
The Hatteras 100 Raised Pilothouse, due for completion in late 2013.
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