Pendennis acquires Devonport Yachts and Ernesto Bertarelli investment...

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Pendennis acquires Devonport Yachts and Ernesto Bertarelli investment...

Industry News

Devonport Yachts will remain a separate entity and concentrate on the 60m-plus sector of the new-build and refit markets.

MARCH 2010

“This acquisition provides the group with a powerful brand with which to penetrate the 60m (197ft) and above new-build and refit markets and to continue to develop our position as a leading international superyacht business,” says Mike Carr, joint-MD at Pendennis... "Placing the Devonport brand and Devonport Yachts’ other assets within the group will expand our portfolio and help accelerate plans to further develop our base here in Falmouth as the UK's premier superyacht centre of excellence.”
Devonport Yachts will continue as a separate business with Stephen Hills as Managing Director. Stephen, who has years of experience in the large yacht sector from his time running the Devonport yacht operation under the ownership of Devonport Royal Dockyard, which took the decision to exit the superyacht business last year.
"This is a great opportunity to continue to develop the UK's large superyacht capability and realise the potential which exists in the southwest of England," says Hills. "There are obviously major synergies within the two businesses."
As part of this deal, Pendennis says Ernesto Bertarelli — owner of Team Alinghi, two times winner and recent loser of the America's Cup and several large yachts, including Devonport's 96m (315ft) 'Project 55' new-build presently fitting out at the Royal Devonport Dockyard for a 2011 delivery — has become a minority shareholder in Pendennis.

For more, www.pendennis.com

© Phil Draper