BOOTE EXCLUSIV received a surprising announcement at the beginning of November: The Ancona-based shipyard Cantiere Delle Marche (CdM) announced that the 100 per cent takeover of the company's capital had been completed through a management buy-out. A German entrepreneur played a key role in this transaction. According to its own information, CdM is the global market leader in the Explorer segment with a market share of almost 60 per cent. These are between 26 and 46 metres long and have always had a steel hull since they were founded twelve years ago.
75 per cent of the Italian shipyard is now held by Tom Schröder's family office FIL Bros. based in Austria. The remaining 25 per cent is split between CdM co-founders Ennio Cecchini and Vasco Buonpensiere. Cecchini, the former CEO, is the new President and Vasco Buonpensiere is swapping his position as Sales & Marketing Director for that of CEO. Schröder was born in Sauerland and describes himself as an entrepreneur. In this interview, the yachting enthusiast from Majorca reveals what motivated him to join the company and what the future holds for the Explorer forge.
What is your personal yacht reference?
Together with a partner who is an absolute sailing enthusiast, my father had a medium-sized mineral oil business in Brilon in the Sauerland region, where I also grew up. In the mid-1980s, the two of them took over the nearby company Dehler Yachtbau from Freienohl and sold it very successfully about five years later to an investment company of DG-Bank. As a result, we first had a Dehler 24 on the Diemelsee and later on the IJsselmeer. In the early nineties, my father's partner emigrated to Mallorca and became the general importer of Bavaria Yachts for Spain, together with a large charter fleet. My friends and I were allowed to use this charter fleet for a small fee, which we often made use of and explored the Balearic Islands extensively. My family and I now also live in Palma.
At the beginning of the 2000s, the focus was on starting a family with four boys and building up a few companies, and the passion for sailing took a back seat. This was followed by a few successful company sales. In 2013, we bought a sailing catamaran, a Sunreef 70, and after a season in the Mediterranean, we used the boat extensively for three to four months a year in the Caribbean, including Atlantic crossings. As my family and I were planning to emigrate to Mallorca in 2019, combined with a motorboat to reach the bays quickly, we sold the catamaran.
What entrepreneurial background do you have?
I founded my first company while I was still studying business administration in the early 2000s. Back then, I revitalised the Geha fountain pen brand, which was very well known to my generation, with two partners and sold printer accessories in the DACH region under the brand name. This was followed by further company start-ups, company acquisitions and one or two successful exits. This also included the insolvency of a solar company over ten years ago. I would describe myself as an entrepreneur through and through, who was sometimes at the bottom but mostly at the top. The most successful company was the Wunschgutschein Group, which I sold to private equity investors in two stages. Today, I still hold a minority stake there.
Will it be your first yacht of the Explorer type?
Yes, I was previously more fond of sailing yachts. But after my family and I spent the Corona period very close together, which worked out very well, the idea of travelling around the world together was born. We want to complete this within seven years, whereby we will be permanently on board for the first two years. In addition to the Arctic regions, our itinerary also includes the Northwest Passage for the northern circumnavigation of Canada. By chance, I came into contact with CdM for the first time a few months before deciding on the round-the-world trip. Perhaps the philosophy of a real explorer also fuelled the idea of travelling the world. I don't know exactly.
How exactly did the contact with Cantiere delle Marche come about?
I visited the Cannes Yachting Festival in 2019 with my partner from our voucher company at the time. A friend of my partner said that we should definitely take a look at a yacht from CdM, as she thought it was the most up-and-coming shipyard on the market. When I came on board and Carlo, who is now responsible for the brokerage business, explained CdM's philosophy in the engine room, I was absolutely thrilled from the very first second. For me, everything fitted together - what Carlo told me and what my eyes saw. After the tour, I met Vasco, the current CEO, for the first time, who convinced me even more of the CdM philosophy. I also immediately liked the Flexplorer project, which at the time consisted only of renderings and drawings.
BOOTE EXCLUSIV visited CdM in the spring and experienced steel shipbuilding in its purest form, in its robustness also as a kind of counterpart to the highly technical, thoroughly digitalised world. Was there a trigger, a moment that made you realise that this is where I want to invest?
A number of shipyard visits were made in Ancona in the run-up to the construction order for our Flexplorer. And the experts and surveyors I engaged, who have a wealth of experience with industrial ships, were extremely impressed by the quality and expertise of the shipyard, which was ultimately decisive in the decision to award the contract. During the almost two-year construction period, this image has more than solidified. Furthermore, a very close and friendly relationship has developed over the last three years between Ennio (now President), Vasco (CEO) and myself. In the end, as an investor, I always follow the following three-stage check:
- The people involved have to fit in on a personal level and identify one hundred per cent with the company. And this is not only the case with Ennio and Vasco, but also with Gianfranco (CFO), Martino (COO) and the entire team that I have got to know so far. They are people of integrity and honesty who are passionate about giving their all for CdM.
- The product and the market have to fit. I had the advantage that I came across the product and had already "ticked the box" beforehand.
- Of course, the business plan must also fit. But if points 1 and 2 are fulfilled, this point is usually a logical consequence.
What were the conditions for entry?
We invest in growth companies that are already on the right track and profitable. Ennio and Vasco have been pursuing a targeted plan for twelve years: to build high-quality explorers that are comparable in quality to the renowned shipyards in Northern and Central Europe. In my opinion, the two of them and their team have achieved this. So there was only one condition: The people involved must remain on board for the long term. Therefore, the management was given a significant stake in the company with a package of 25 per cent of real shares, 20 per cent of which are attributable to Ennio and Vasco. Otherwise, the team must continue to consistently pursue the chosen path. We at FIL Bros. are providing support from the side, facilitating further growth, and I personally am contributing my experience as a yacht owner. However, it must be clearly stated that we should grow very cautiously. Our ultimate goal is to deliver three to four yachts per year. To achieve this, we will probably build another hall with two bays at the Ancona site. In total, we would then have nine building sites where yachts up to 150 feet can be built.
What will the collaboration with Ennio Cecchini and Vasco Buonpensiere look like?
Ennio and Vasco and their team will continue to be responsible for all operational matters. Nothing will change in this respect. The only difference is that instead of a rather passive partner with little affinity for yachting, they now have an enthusiastic yacht guy at their side who gives them a lot of freedom and is also a bit crazy. I think that Vasco and Ennio can now really come into their own.
The recession is casting its shadow, large-scale shipyards are already cutting back on production. What immediate and long-term plans do you have for CdM?
CdM is exactly the opposite of a mass-produced shipyard: small and refined. We target a very specific clientele and are in a niche market. I am convinced that the luxury segment is very robust and will even grow, especially in the current multiple crisis. This is shown by the latest figures for luxury brands and we at CdM are not noticing any decline either. On the contrary, we are about to finalise three major orders beyond 120 feet. And the recent yacht shows in Cannes, Monaco and Fort Lauderdale have greatly increased the shortlist of potential buyers. I believe that the crisis has created a new currency, wealthy people want to enjoy life. In addition, CdM Explorer owners see it as an opportunity for independence, self-sufficiency and self-determination - a cocoon in difficult times. Furthermore, the current customers are a different generation who also like to spend their money and don't want to pass it all on to the next generation.
With the Flexplorer concept, CdM offers a platform for active owners travelling with large tender and toy fleets. How would you like to use your Flexplorer in terms of planned routes and activities?
As I mentioned, my family and I want to sail around the world and will also be travelling to arctic and tropical regions. The yacht has to be well thought out for this. In addition to the natural Explorer DNA such as quality, robustness, ease of maintenance and range, this starts with the obvious need for a small ice class with an all-round ice belt and ends with the air conditioning, which has to work perfectly even in high humidity without any hidden mould. We have also developed a 9.50 metre long tender that can still be craned with the A-Crane, but functions as a small support tender. It accommodates Seabobs, jetboards, water skis and other toys. If you only need to travel short distances with the mother ship and want to use the main deck of the Flexplorer as a sun deck, the large tender is towed and the Williams 435 SportJet is piggybacked on it. In tender mode, up to twelve guests can be shuttled in the dry.
Compared to the first Flexplorer "Aurelia", "Maverick" is a whole five metres longer. What changes have you and designer Sergio Cuttolo made to the layout?
Four cabins and the crew area are located on the lower deck. The main deck consists of the huge saloon, an open galley with a cold room and a very large cabin. This is actually the master suite, but our sons are now "fighting" over it. The current owner's deck above originally housed another saloon or lounge and the bridge. During construction, however, we came up with the idea that the bridge naturally has the best view forward and that another saloon would not offer any real added value, especially as the beach club is home to a lounge with a cinema. So we turned the upper deck into an owner's deck and positioned the wheelhouse and a lavish sun deck one deck higher. To top it all off, we developed a crow's nest at the very top so that you can keep an eye on everything from the best place on board.
