Shifting currents in boat building

How do you make a small fortune in the marine industry? Start with a large fortune:

• The German company Hanse Yachts AG, based in Greifswald on the German Baltic coast, announced that new owners have agreed to buy a majority stake in the business from the private equity firm Aurelius. It was also announced that due to global market uncertainties production capacities will be adjusted in order to invest in the long-term sustainability of the business. The company pointed specifically global economic uncertainty, weak economic conditions in core markets such as the USA and Germany, and ‘ongoing geopolitical conflicts and military confrontations’ that have jointly led to ‘a noticeable reluctance to invest in yachts.’ – Full report

• Daedalus Yachts founder Michael Reardon announced that he and his company had acquired Catalina Yachts and its sister company True North. The announcement signals both a major shift in American boat building and a promise of continuity for two brands that have iconic status in the sailing and power boating communities. “For over 50 years, Catalina has stood for accessible, well-built boats that deliver real sailing pleasure,” said Patrick Turner, Catalina’s president. “Michael Reardon shares those values, and we’re confident he’ll carry them forward while positioning the brand for the future.” – Full report