KEY POINTS:
One of Europe's biggest manufacturers of production yachts is about to get even bigger.
Bavaria has been taken over by one of the world's leading private equity investors, Bain Capital GmbH for ¬1.3 billion ($2.26 billion).
Bavaria's founder and long-time managing director Winfried Herrmann, when announcing the signing of a definitive agreement for Bain Capital to acquire 100 per cent of the shares in Bavaria said the acquisition was expected to be completed on July 31.
Bavaria Yachts management sees the acquisition as being extremely beneficial. Bain Capital offers great potential for Bavaria with plans to expand the international dealer network and to open up new markets worldwide.
The brand already has a big presence in this part of the world through its New Zealand agency, International Marine Brokers at Westhaven in Auckland, headed by Roger Wilson.
Wilson says the time is right for Bavaria to move into a new development phase with a new management structure, more leading-edge designs and an expanded range of yachts.
He says as far as the market in this part of the world is concerned, the planned expansion comes at the right time with Bavaria having gone from strength to strength since the first boats were imported in the 90s.
Established in 1984, Bain Capital is a global investment firm with enormous assets which will bring positive new developments to the Bavaria yard. Among the companies that are part of this group is Bombardier Recreational Products, a world leader in the manufacture of jet skis and snowmobiles.
Already one of the world's biggest yacht manufacturers, operating one of the most effective production facilities for yachts and motor boats, the coming injection of capital will further strengthen Bavaria's Giebelstadt production location.
The existing management team will continue to operate the company in the immediate future, while Herrmann will withdraw from active management once the acquisition is complete, staying on the board in an advisory capacity.
Wilson says Hermann can look back with pride on the past 30 years with pride at his achievements in building the company to the success and size that it is today. "He can best be described as the Henry Ford of the yacht production world and we look forward to being part of an exciting future with the new owners.
International Marine Brokers operates an owners' club for Bavaria owners, with an annual regatta at Kawau Island one of the most popular events on the Bavaria Clubs calendar. The company has experienced blue-water sailor Jane Pares on board as client liaison manager.
She has a hands-on role with new Bavaria buyers, ensuring they know how to get the best out of their yacht and keeping them informed about club social and racing activities.
With 80 members in the Bavaria club and 20 yachts being added to the fleet before the end of the year, the German brand is set to increase its presence in southern waters.
