Following a successful partnership over the past 11 months, RiverRock has underlined its ongoing support for Fairline Yachts by committing to a significant capital investment programme that secures the boat builder’s financial future following the turbulence created by the COVID-19 global pandemic. Alexander Volov and Igor Glyanenko, who bought Fairline Yachts’ assets in 2016, apparently welcome the investment from RiverRock and, while maintaining a financial interest in the shipyard, will be focussing on their core businesses, which have been substantially impacted by both the COVID-19 pandemic and the oil price shock of recent months.
“By taking a majority stake in the business, RiverRock is demonstrating its continued support and confidence in Fairline,” comments Peter McNulty, COO of Fairline Yachts. “The investment secures our financial future and ensures we can continue the roll-out of our long-term strategic plan for the brand.
“As announced previously, the company has made some tough decisions to right-size the business as a result of the current extremely challenging market conditions. This has better positioned the company and aligns it more closely with our strategic plans both in terms of product and regional growth. The new investment from RiverRock provides us with the capital and execution ability we needed to fulfil these long-term growth plans. The coronavirus pandemic has put additional pressure on all businesses and RiverRock’s investment means we can continue with our exciting and highly innovative new product development programme.”
“We are pleased to take the next step on our partnership journey with Fairline Yachts. We firmly believe in the team at the help and the strength of the brand. We appreciate Alex and Igor’s significant investment over the last four years and our additional investment will now support Fairline to grow and will enable the company to keep doing what it does best – building exquisitely designed, handcrafted boats made in Great Britain,” comments Jason Carley, senior portfolio manager at RiverRock.
While Fairline Yachts does not operate within the superyacht market, with its largest project to date being 25m, it has nonetheless played an important role in the superyacht customer journey since its conception in 1963. As the superyacht industry matures, it is increasingly appreciating the vital role that the various feeder markets play in its own success. Typically, an individual’s wealth profile grows and evolves over time, few people simply wake up one day extremely wealthy. Shipyards like Fairline do much to introduce people to the yachting market and, crucially, help them to stay in the yachting market by allowing them to grow through the various size ranges.
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