PE fund buys into Lazzara...

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PE fund buys into Lazzara...

Yard Updates

The Tampa, Florida-based motoryacht builder is said to have had a tough 2010, but says it now has the strategy and funds in place for the coming years.

JANUARY 2011

The Lazzara Yacht Corporation, the Tampa, Florida-based semi-custom motoryacht builder, has accepted a capital investment from The Crest Group LLC. Terms of the transaction were not disclosed, but we understand the Lazzara family retains the controlling interest.
“We couldn’t be happier to be able to join the Lazzara team,” says Enrico Scarda, the managing partner at private-equity firm Crest. “It is very obvious that the Lazzara family is dedicated to the continued innovation and development of exceptional yachts and we are glad to be able to be a part of it... We expect the newly structured company to continue the success that Lazzara Yachts has enjoyed in the past.”
Brad Lazzara, Lazzara Yachts president agrees. “This partnership gives our company the capital it needs... It gives us the freedom to focus on design, innovation and distribution.”
In addition to the newest model, the Breeze 76 which was shown first at Ft Lauderdale ‘10, Lazzara plans to launch five new models from 16-37m (52-120ft) and over the next two years. Its present line-up includes six 23-37m (76-120ft) models. The idea is to broaden the offering to smaller boats and expand the dealer network considerably internationally. In all 25 new regions and countries will be courted says a company statement.
“For the past 20 years we’ve had a family-owned, primarily US-focused, business model,” says Lazzara Yachts’ chairman Dick Lazzara. “But now it’s time to broaden our horizons... I couldn’t be more optimistic about the direction we’re headed.”

For more, www.lazzarayachts.com