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Sunseeker International reported to have been sold

Luxury yacht builder Sunseeker International is reported to have been sold.

A report published by Bloomberg states that an entity affiliated with Dalian Wanda Group Co has agreed to sell the business to American investment entity Lionheart Capital.

The report quotes ‘people with knowledge of the matter’ stating a sale and purchase agreement has been signed.

The transaction is said to be poised to close as soon as May 2024, subject to regulatory approvals.

The last accounts filed by Sunseeker at Companies House stated that 2022 had been a greatly improved year with historic levels of future orders, a bounce-back in gross margins and further growth in turnover leading to significant reduction in net losses.

The company reduced retained losses for the year from £(21.2) million to £(1.9 million.

It was stated that Dalian Wanda Group Co was continuing its long-term commitment to the company and had provided a letter of support through to 31 July 2024.

Lionheart has backed many companies including restaurant chain BurgerFi International Inc., reimbursement specialist MSP Recovery Inc. and technology company SMX (Security Matters) Plc. In 2021, the firm was part of a group that bought powerboat maker Cigarette Racing Team.

Wanda acquired a 92% stake in Sunseeker in mid-2013 for an estimated ₤320 million.

Sunseeker is led by CEO Andrea Frabetti.

In 2023, the boatbuilder announced a £40 million investment for new product development, workforce training, and production enhancements. The shipyard also reported an order book totalling £625 million (€730 million).

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