It was a nail-biting affair. But this morning it came to the happy ending hoped for by employees, dealers and many fans of the brand: Bavaria has been sold - and saved.
In future, an investment fund led by Berlin-based restructuring experts Capital Management Partners (CMP) will take over the ailing shipyard, which had to file for insolvency at the end of April. The subsidiary Bavaria Catamarans is also part of the acquisition. This secures the future of the brand and its 800 employees.
"The notarisation took all night," said Tobias Brinkmann, who prudently steered the company through rough seas and was able to maintain production even during the difficulties. "I am very pleased that it worked out." The experienced shipyard restructurer admitted that he himself had recently had doubts as to whether it would be possible to keep the shipyard after several interested parties had backed out and less reputable bidders had recently appeared on the scene.
He therefore welcomes the entry of CMP all the more. Although they were late to join the list of potential buyers, they had quickly "developed a good understanding of the shipyard and its future prospects". After initial discussions, dealers and managers also expressed positive impressions of the future shareholders.
It is true that they lack industry experience in water sports, which some considered important, if not indispensable, after the unconvincing experiences with two investors from outside the sector. On the other hand, the Berliners have in-depth industry expertise and specialise in medium-sized production companies.
On top of this, they can rely on an experienced management team at Bavaria, which, according to initial information, will continue to steer the shipyard's fortunes in the future. The only addition to the management team will be Ralph Kudla from CMP, a former entrepreneur and consultant at Roland Berger Consulting.
"We are convinced of Bavaria's global market potential," said CMP CEO Kai Brandes in an initial statement. The company is to be "sustainably developed". The focus is on "regaining market share and improving production costs".
Both will be necessary to get the company back on track.
The loss of efficiency in production - the area for which Bavaria was admired even by competitors ten years ago - was one of the main reasons for the insolvency. However, confidence in the brand must also be restored quickly. Due to the long-lasting uncertainty about the future of the Franconian boat builder, dozens of customers have ordered from other yacht builders in recent days and weeks, leaving Bavaria with only a small order backlog.
The brand will now have the opportunity to show its colours again at the following autumn trade fairs. The takeover still requires the approval of the cartel office, which is considered a formality. In the meantime, Tobias Brinkmann has announced that all measures will be taken to "quickly ramp up production again".
Jochen Rieker
Herausgeber YACHT
