Since the beginning of the year, rumours have been swirling about the possible bankruptcy of the catamaran shipyard Silent Yachts. The leading manufacturer of large electric-solar multihulls was struggling with financial problems due to the failure of a contractual partner in Turkey and announced a reorganisation. The aim was to transition from a founder-financed company to an investor-financed company managed by experienced industry experts, according to the company management in January.
Now there seems to be new hope. With the new owner Michael Said, a new management team led by CEO Fabrizio Iarrera and access to new funding, a solid growth strategy has been developed for the next five years, according to the report from Italy.
New investor secures financing
The American-German investor Michael Said currently has a Silent 62 3-deck under construction himself. Through his investment company Helios Yacht Investments GmbH, he has now taken control of all assets previously owned by Silent Yachts, including the intellectual property behind the design of the yachts and the Silent Italia shipyard in Fano.
Said ensured that the financing did not dry up last year and secured 140 jobs when the previous company went bankrupt. By keeping the Italian yacht building business in Fano running, he enabled Silent Yachts to fulfil existing orders for the Silent 62. The first of these three-deck yachts has just been launched, with seven more to follow this year. The shipyard also plans to launch its first 80-foot yacht in 2025, with another to follow before the end of the same year.
The new CEO Fabrizio Iarrera, a veteran of the Italian yachting industry, has already restructured the company and is confident that he has put it on a solid footing for the future: "Creating a completely new market is of course always associated with costs. The original company fell victim to these costs at a time when price inflation was spiralling out of control everywhere. But Silent Yachts is recognised throughout the yachting world for its innovative technologies in electric catamarans. Our still strong order book proves that our customers are convinced by the brand." For Michael Said, it was therefore an easy decision to invest in a restructured Silent Yachts. "We know we have to work to restore the brand's reputation, but we are getting a lot of positive feedback from our customers," says Iarrera.
The new managing director will run the day-to-day business with the support of Michael Said and a shareholder committee. Steve Bell, a manager who has already worked in production companies in the UK and Germany, has agreed to act as deputy chairman of this committee. According to the new company management, the priority now is to complete the yachts currently under construction and deliver them to customers. The team will then reorganise its future production plan and offer additional construction sites for 2025 and 2026.
