Electric catamaran builder Silent-Yachts has been bought out of administration.
The acquisition by Michael Said will allow build work to continue on yachts currently under construction.
A new management team has been put in place led by CEO Fabrizio Iarrera and a growth strategy is being put in place to cover the next five years.
Michael Said is an American-German investor who is also a client of Silent-Yachts, with a Silent 62 3-Deck currently in build.
Through his acquisition vehicle Helios Yacht Investments GmbH, he has taken control of all the assets formerly belonging to Silent-Yachts, including the intellectual property behind the yachts’ design, and the shipyard Silent Italia in Fano.
Fabrizio will run day-to-day operations with support from Michael and a board of shareholders.
Steve Bell will serve as vice chairman of the board and together, they will oversee the new business and assist the new management team.
Steve’s background is managing manufacturing businesses across Britain and Germany, as well as being a qualified trainer for sailing and motor yachts up to 24m.
The announcement of the acquisition follows a statement released by Silent-Yachts in January 2024 which said the shipyard was being restructured after the discontinuation of a subcontractor which produced a significant portion of catamarans.
The goal was to transition from a founder-funded entity to an investor-funded one.
In addition, a shift to modular series production was scheduled for March 2024 to reduce throughput times, minimise costs and enhance product quality.
“At our yard in Fano, we are fully focused on streamlining our operations,” said Fabrizio. “The team that we have built is committed to showing the world that we are delivering yachts and that our excellent R&D team can stay ahead of our competitors. We are certain that there is a bright future for Silent-Yachts.”
And he explained that there are costs associated with creating an entirely new market – that of electric catamarans, and the original business fell prey to these, at a time when price inflation everywhere was spiralling out of control.
“Our yacht owners are passionate about the brand and the yacht itself, as our very strong pipeline of orders shows,” he said. “For Michael Said, it was an easy decision to invest in a restructured Silent-Yachts, and many of our other owners are just as keen.
“We know we have a job to do to rebuild the brand’s reputation, but we’ve been thrilled by the positive reception we’ve had from those who have already put in orders.”
The shipyard will now prioritise finishing the yachts currently under construction.
Production slots will be rescheduled to offer additional build slots for 2025 and 2026.
Silent-Yachts employs around 140 workers.
The first new 62 3-Deck has been launched with a further seven due later this year. Silent-Yachts will launch its first 80-footer in 2025, with another one due also in 2025.
