Fairline Yachts announces the RiverRock European Opportunities Fund II has acquired a majority stake in the business.
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Following a partnership over the past 11 months, investment company RiverRock has committed to a significant capital investment in Fairline Yachts that has enabled the British boatbuilders to consolidate their financial future following the turbulence created by the pandemic.
Messrs Glyanenko and Volov welcomed the investment from RiverRock and have stated that while maintaining a financial interest in Fairline, they will be focusing on their core businesses that have been substantially impacted by both the COVID-19 and the oil price shock of recent months.
Chief Operating Officer of Fairline Yachts Peter McNulty says, “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 rollout of our long-term strategic plan for the brand.
“As announced previously, the company has made some tough decisions to right-size the business as a result of the extremely challenging current 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.”
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“The new investment from RiverRock provides us with the capital and execution ability we needed to fulfil these long-term growth plans.”
Peter continues, “The pandemic has put additional pressure on all businesses and RiverRock’s investment means we can continue our exciting and highly innovative new product development program, which is critical for the sustained growth of the business and to meet our discerning buyers’ requirements.”
Jason Carley, Senior Portfolio Manager at RiverRock, adds: “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.”
He continues, “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, handcrafted boats made in Great Britain.”
With this new investment, Fairline Yachts will aim to strengthen its position in the global marketplace and retain its place as a luxury boat manufacturer.
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