Sunseeker's New Horizons: Acquired by Lionheart Capital

Deal News | Oct 31, 2024 | Lionheart Capital

Sunseeker's New Horizons: Acquired by Lionheart Capital

Sunseeker International has been sold to Miami-based Lionheart Capital and Italian-owned Orienta Capital Partners. The transaction ends an 11-year ownership by China's Dalian Wanda Group and shows the latter's divestment strategy amid financial struggles. New owners Lionheart, led by Ophir Sternberg, and Orienta bring a focus on enhancing production and integrating Italian design sensibility into Sunseeker’s offerings. Sunseeker, which has faced competitive pressures from its Italian counterparts, views this acquisition as crucial to its revival. The company maintains a strong order book and improved revenue outlook, despite financial challenges under Wanda. This sale allows Wanda to address debt issues as Lionheart adds Sunseeker to its growing investment portfolio.

Sectors

  • Boating
  • Private Equity
  • Luxury Goods

Geography

  • United Kingdom – Sunseeker's headquarters and core production will remain in Poole, UK, maintaining a connection to its British heritage.
  • United States – Lionheart Capital is based in Miami, Florida, indicating the involvement of a US entity in the acquisition.
  • Italy – Orienta Capital Partners is Italian-owned, highlighting the Italian contribution to the transaction and strategy for Sunseeker's growth.
  • China – Dalian Wanda Group, based in China, was the previous owner of Sunseeker before divesting its interest.

Industry

  • Boating – Sunseeker International is involved in the production of luxury yachts, which places it within the boating industry.
  • Private Equity – Lionheart Capital is a private equity firm actively involved in acquisitions like that of Sunseeker International.
  • Luxury Goods – Sunseeker Yachts is a luxury brand, producing high-end yachts, relevant to the luxury goods industry.

Financials

  • 320 million – Initial amount for which Dalian Wanda Group acquired Sunseeker in 2013.
  • 625 million (730 million) – Sunseeker's order book value in 2023.
  • 284 million – Sunseeker's projected revenue for 2024.
  • 140 million – Sunseeker's sales value post-pandemic production halt.
  • 6.4 million – EBITDA loss for Sunseeker during the pandemic.

Participants

NameRoleTypeDescription
Sunseeker InternationalTargetCompanyA UK-based luxury yacht manufacturer acquired by Lionheart Capital and Orienta Capital Partners.
Lionheart CapitalBidding CompanyCompanyA Miami-based private equity firm led by Ophir Sternberg, acquiring Sunseeker International.
Orienta Capital PartnersBidding CompanyCompanyAn Italian firm, partnering with Lionheart Capital in acquiring Sunseeker International.
Dalian Wanda GroupSelling CompanyCompanyA Chinese conglomerate that owned Sunseeker International until the sale to Lionheart and Orienta.
Ophir SternbergCEO of Lionheart CapitalPersonThe founder and CEO of Lionheart Capital, leading the acquisition of Sunseeker.
Giancarlo GaleoneChairman of Sunseeker BoardPersonA partner at Orienta, former CEO of Ferretti, now serving as Chairman of Sunseeker's board.
Andrea FrabettiCEO of SunseekerPersonCEO of Sunseeker International.