Turkish shipyard Sunrise Yachts has entered into an agreement with the Diamond Living Private Investment Fund, a Hong Kong-based private international investment fund, that sees the private fund take a controlling financial interest in Sunrise Yachts.
SuperyachtNews.com spoke with Guillaume Roché, co-founder and CEO of Sunrise Yachts, about what this acquisition means for the future of Sunrise Yachts.
“I will remain as CEO and the new investors will be taking a purely financial role,” Roché began. “Diamond Living are enabling us to finance constructions and offer guarantees to our clients. In Diamond Living we have found the ideal strategic partner that we have been seeking for a while.” Co-founder Herbert Baum has relinquished his controlling share and will step down, to assume an honorary role.
The financial support garnered by Diamond Living’s acquisition will allow Sunrise to explore its ‘second phase of development.’ “The main driver is to increase our presence on a global scale,” Roché continued. The central areas of growth for Sunrise will be Europe, the US, and Asia further down the line. Roché explains that Sunrise will be following the traditional ‘Northern European model’, in terms of customisation and quality over quantity. However, he stressed that an increase in output is still of paramount importance.
Irimari: Photo credit Jeff Brown
“It is our view that Sunrise represents a good, recognised brand and that the company can deliver high-quality yachts at an appealing price. We have discussed with Sunrise the opportunity for us to step in as a strategic investor with a goal to assist them in their growth ambitions, as well as increase their sales spectrum due to our strong positioning on the Asian market,” commented Diamond Living’s managing director, Wes Medford.
In order to kick-start interest from the Asian market, Sunrise will leverage the personal ownership desires of the Diamond Living Investment Fund members. “There are a number of individuals within the fund that wish to purchase a number of yachts, as well as invest,” Roché explained.
Beyond personal interests, the Diamond Living investment will also allow Sunrise Yachts to explore “a couple of niche areas (projects)”, built to specification, niches that Roché is not yet at liberty to discuss. “We firmly believe that in this day and age that a shipyard should develop its own product, discover these niche markets and create a brand around certain products – rather than shoot in every direction.”
The Diamond-Sunrise deal, which was brokered by Even Keel Partners in London, is expected to be finalised by mid-January, at which point more information will be made available concerning medium to long-term strategies.