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Fairline’s Future Secure Following RiverRock Investment

RiverRock, a European alternative investment firm, has acquired a majority stake in Fairline Yachts, having first invested in the British luxury yacht builder in August 2019.

Fairline's new models include the F//Line 33, with one available in Singapore

Fairline’s new models include the F//Line 33, with one available in Singapore

Alexander Volov and Igor Glyanenko, both UK-based Russians, were previously the company’s majority owners, having bought the former Fairline Boats after it went into administration in December 2015 and renamed the company Fairline Yachts.

Fairline said Glyanenko and Volov welcomed the investment from RiverRock and that while the pair will maintain a financial interest in Fairline, they will focus on their core businesses, which have been substantially impacted by both the Covid-19 pandemic and oil prices of recent months.

RiverRock has now committed to a significant capital investment programme in Fairline through its European Opportunities Fund II. The Oundle-based builder said the additional investment had secured its financial future following the turbulence created by the coronavirus pandemic.

Peter McNulty, Fairline's COO, says RiverRock's latest investment "ensures we can continue the roll-out of our long-term strategic plan for the brand"

Peter McNulty, Fairline’s COO, says RiverRock’s latest investment “ensures we can continue the roll-out of our long-term strategic plan for the brand”

Peter McNulty, COO of Fairline Yachts, said: “By taking a majority stake in the business, RiverRock is demonstrating its continued support and confidence in Fairline. The investment secures our financial future and ensures we can continue the roll-out of our long-term strategic plan for the brand.

“As announced previously, the company has made some tough decisions to right-size the business due to the current extremely challenging market conditions. This has better positioned the company and aligns it more closely with our strategic plans both in terms of product and regional growth. The new investment from RiverRock provides us with the capital and execution ability we needed to fulfil these long-term growth plans.

“The coronavirus pandemic has put additional pressure on all businesses and RiverRock’s investment means we can continue our exciting and highly innovative new product development programme, which is critical for the sustained growth of the business and to meet our discerning buyers’ requirements.”

Construction within Fairline's Oundle facility

Construction within Fairline’s Oundle facility

Jason Carley, Senior Portfolio Manager at RiverRock, added: “We are pleased to take the next step on our partnership journey with Fairline Yachts. We firmly believe in the team at the helm and the strength of the brand.

“We appreciate Alex and Igor’s significant investment over the last four years, and our additional investment will now support Fairline to grow and will enable the company to keep doing what it does best – building exquisitely designed, hand-crafted boats made in Great Britain.”

Simpson Marine represents Fairline Yachts in Hong Kong, Taiwan and eight Southeast Asian nations – Cambodia, Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

www.fairline.com

www.simpsonmarine.com

 

The post Fairline’s Future Secure Following RiverRock Investment appeared first on LUXUO.

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