Pendennis announce partnership with Devonport Yachts Ltd and an expansion into the 60m+ superyacht arena
Pendennis has started the new decade on a high note with the acquisition of Devonport Yachts Ltd (owner of the DEVONPORT superyacht brand), which will now be established as a partner company to Pendennis with its head office in Falmouth.
The agreement was announced at 09:00 at 23 February 2010. Joint Managing Director of Pendennis Mike Carr, commented on this new chapter in the successful growth of UK superyacht business:
“This acquisition provides the group with a powerful brand with which to penetrate the 60m+ new build and refit markets and to continue to develop our position as a leading international superyacht business. Over our 20+ year history, we have established Pendennis as a leading brand for refit and new build of superyachts up to 60m whilst at the same time developing jobs and facilities in Falmouth. Placing the DEVONPORT brand and Devonport Yachts Ltd’s other assets within the group will expand our portfolio and help accelerate plans to further develop Falmouth as the UK’s premier superyacht centre of excellence.”
Devonport Yachts Ltd will continue as a separate business with Stephen Hills as Managing Director. Stephen, who has years of experience in the large yacht sector from his time running the DEVONPORT yacht business under the ownership of Devonport Royal Dockyard Limited, commented:
“This is a great opportunity to continue to develop the UK’s large superyacht capability and realise the potential which exists in the South West of England. There are major synergies within the two businesses which will serve to continue and further strengthen the DEVONPORT superyacht brand, offering a UK service for very large bespoke new build and refit projects. Our immediate priority is to finalise the new operating arrangements for Devonport Yachts Ltd, after which we will be running a series of yard visits we will explain in detail the many advantages of the new DEVONPORT yachts business based in Falmouth.”
This acquisition will be a boost to the local economy, enabling Pendennis’ already healthy order book to be supplemented with the 60m+ sector. Falmouth has been an increase in visiting yachts over the last few years and with its historic port and beautiful coastline is well placed to develop a strong superyacht centre for Northern Europe.
As part of this deal, Pendennis is pleased to announce that Ernesto Bertarelli (Owner of two times America’s Cup winner, Team Alinghi) will become a minority shareholder in the business.