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Bavaria Yachts files for bankruptcy as investors pull out, but catamaran division still going strong

• Elaine Bunting
• April 24, 2018

Bavaria Yachts, one of the world's largest production boatbuilders, is in financial trouble after US investors decided to withdraw support for the company

German builder Bavaria Yachtbau sent out shockwaves among owners and the industry last week when it declared insolvency. According to German magazine Yacht , US investors Oaktree Capital Management and Anchorage Advisors pulled a day after the sacking of Bavaria’s CEO, Lutz Henkel.

The investors are said to be giving Bavaria a ‘soft landing’, guaranteeing three months of operation until the yard closes for its annual summer holidays.

The news took dealers and suppliers alike by complete surprise.

The insolvency is said to affect the manufacturing arm of the company building Bavaria monohulls. Bavaria Catamarans, formerly Nautitech, is not said to be affected. Bavaria purchased Nautitech from French owner  Bruno Voisard and partners just over two years ago.

The catamaran market has been booming with sales outstripping demand, while mid-sized production monohull sales, which slumped in 2008, have never fully recovered.

UK Nautitech dealers Key Yachting Ltd , said: ‘ To this day, the catamaran business remains in Rochefort, France. It is an independent French company with its own employees, suppliers and bank accounts. Seen as the “jewel in the crown” of the Bavaria group, the well managed and profitable catamaran business is already attracting interest from potential buyers.

‘While we understand that both the Catamaran division and the struggling German operation will probably soon be under new ownership, or indeed ownerships, the operation of the Catamaran business is completely unaffected by the situation in Germany. Therefore trading, delivery and after sales service continue as before.’

Bavaria has been through several chapters of ownership. Buyout firm Bain Capital bought the company in 2007 for €1.3bn and handed over two years later to debt investors Oaktree and Anchorage in a huge debt-for-equity transaction in which the two specialists wrote off 90 per cent of Bavaria’s €960m debts.

The company has sought to expand into larger yachts with the launch of two new larger and more luxurious cruisers, the C57 launched last year and C65 that on show in January at boot Düsseldorf. Bavaria is one of the world’s largest volume production manufacturers, oeprating out of a huge plant in Giebelstadt, near Würzburg, where it builds around 4,000 yachts a year.

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Bavaria Yachts is Back in Business

19 September 2018 Dominique SALANDRE News 0

Bavaria Yachts is saved !   A private equity fund advised by the German investment company CMP Capital Management-Partners will continue Bavaria Yachts. The subsidiary Bavaria Catamarans SAS is also being acquired and all 800 employees working in Giebelstadt, Germany and Rochefort, France will transfer to the purchaser.

A private equity fund advised by the Berlin-based investment company CMP Capital Management-Partners will acquire the entire business of Bavaria Yachtbau GmbH and continue its operations. It will also acquire all shares in French subsidiary Bavaria Catamarans SAS. All 550 employees of BAVARIA YACHTS in Giebelstadt and all 250 employees of BAVARIA CATAMARANS in Rochefort will transfer to the purchaser. A corresponding purchase contract between the management of Bavaria Yachtbau GmbH and CMP was concluded and notarized today. The creditors’ committee gave its approval, as did the administrator of Bavaria Yachtbau GmbH, Dr. Hubert Ampferl. The purchase will be completed after merger control clearance by the German Federal Cartel Office, which is expected in a couple of weeks. The parties have agreed not to disclose the purchase price. 

CMP Capital Management-Partners is a German investment company that has specialised in the acquisition of companies in distress in Germany, Austria and Switzerland since its foundation in 2000. CMP’s private equity funds are advised by Berlin-based CMP Capital Management-Partners. With the investment in a company, CMP employees assume operative management responsibilities on site. In the case of Bavaria, Dr. Ralph Kudla, restructuring expert and partner at CMP, will join the executive board. 

Kai Brandes, Managing Director of CMP Capital Management-Partners explains: “We are convinced of Bavaria’s global market potential and will sustainably develop the company. The restructuring measures will focus on regaining market share and improving production costs.”

Restructuring expert Dr. Tobias Brinkmann, Managing Director of Bavaria Yachtbau since insolvency proceedings began in April 2018 states: “Bavaria is an outstanding company with a strong brand, compelling products and a highly dedicated team. We are pleased to have found a well-known and experienced buyer in CMP who will lead Bavaria into the future. The entire management would like to thank our employees, yacht dealers, customers and suppliers. They have all supported Bavaria Yachtbau during the insolvency proceedings. The fact that Bavaria has been able to successfully build and deliver 220 yachts during the last five months shows how committed and reliable our staff is.”

Finalists nominated for Best of Boats Awards 2017 Awards ceremony on 23 November at BOAT & FUN BERLIN

• Bavaria Yachtbau GmbH
• Bavaria Yachts
• Bavaria Yachts saved
• German boat builder
• investment company cmp capital management-partners
• Private Equity fund

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Yachting Monthly

• Digital edition

Buyer confirmed for Bavaria Yachts

• Katy Stickland
• September 17, 2018

Hundreds of jobs have been secured following the announcement that a buyer has been found for Bavaria Yachts

Understand boat statistics Credit: Bavaria Yachts

17 September 2018

Bavaria Yachts has been bought by a private equity fund advised by the German investment company CMP Capital Management-Partners.

The move secures 800 jobs in Germany and France.

The yacht builders went into self-administration in April, allowing the firm’s management to remain operational while new investors were sought. This also meant Bavaria could continue to build and deliver 220 yachts during that period.

The private equity fund will also acquire all shares in the French subsidiary Bavaria Catamarans SAS.

‘All 550 employees of BAVARIA YACHTS in Giebelstadt and all 250 employees of BAVARIA CATAMARANS in Rochefort will transfer to the purchaser,’ said Bavaria in a statement.

The purchase will be completed after merger control clearance by the German Federal Cartel Office, which is expected in a couple of weeks. The parties have agreed not to disclose the purchase price.

CMP Capital Management-Partners is a German investment company that has specialised in the acquisition of companies in distress in Germany, Austria and Switzerland since its foundation in 2000.

With the investment in a company, CMP employees assume operative management responsibilities on site. In the case of Bavaria, Dr. Ralph Kudla, restructuring expert and partner at CMP, will join the executive board.

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Commenting, the managing director ofCMP Capital Management-Partners, Kai Brandes, said: ‘We are convinced of Bavaria’s global market potential and will sustainably develop the company. The restructuring measures will focus on regaining market share and improving production costs.’

Restructuring expert Dr. Tobias Brinkmann, managing director of Bavaria Yachtbau since insolvency proceedings began in April 2018, said Bavaria was an ‘outstanding company with a strong brand, compelling products and a highly dedicated team.’

‘We are pleased to have found a well-known and experienced buyer in CMP who will lead Bavaria into the future. The entire management would like to thank our employees, yacht dealers, customers and suppliers,’ he stated.

‘ They have all supported Bavaria Yachtbau during the insolvency proceedings. The fact that Bavaria has been able to successfully build and deliver 220 yachts during the last five months shows how committed and reliable our staff is,’ added Dr Brinkmann

22 May 2018

Bavaria Yachts has announced it is in the process of securing new investment and hopes to make an announcement in July.

The German yacht builder is continuing to take orders and deliver new boats.

‘Production has been stabilised and deliveries are continuing: more than 30 yachts have left the shipyard over the past two weeks and have been handed over to customers,’ said Bavaria in a statement.

‘All 600 employees are on duty, and agreements were reached with all major suppliers for further delivery against short payment terms,’ it added.

Bavaria went into self-administration last month. This allowed the firm’s management to remain operational while new investors are sought.

It only affected operations at Bavaria’s German operations. Nautitech – Bavaria’s catamaran arm – was unaffected.

The German shipyard said management and administrators have started an ‘investor process’ to rebuild Bavaria Yachts for the future.

‘The objective is to be able to present an investor in July 2018,’ said Bavaria.

The firm, which recently celebrated its 40th anniversary, was sold by its founder, Winfried Herrmann to the private equity group, Bain Capital in June 2007 for around €1.1 billion.

The American investment firms, Oaktree Capital and Anchorage Capital Group then became creditors post financial crisis in 2008.

As part of restructuring, Oaktree and Anchorage waived a substantial majority of their loans and became majority shareholders, investing ‘significant resource’.

‘Unfortunately, Bavaria Yachtbau was unable to recover operational profitability,’ said a spokesman for Oaktree and Anchorage.

As a result, Bavaria went into self-administration, and restructuring expert, Dr Tobias Brinkmann was appointed to find new investors.

‘We are continuing the operation and want to go into the coming order season with a new investor,’ stressed Dr Brinkmann.

‘The first expressions of interest have already been received, and we are also actively approaching potential investors,’ he added.

24 April 2018

Bavaria Yachts has confirmed that is has now gone into self-administration.

The German shipyard said boat production and deliveries will continue until June 2018. Wages and salaries for Bavaria’s 600 workers are also secure until then.

The self-administration, which allows the firm’s management to remain operational while an investor for the company is sought, only affects operations at Bavaria’s German operations.

Nautitech – Bavaria’s catamaran arm – remains unaffected and trading, delivery and after sales service at its base in Rochefort, France continues as normal.

‘In the current situation, we want to supply our customers with the usual high quality, stressed Bavaria’s chief operating officer, Erik Appel.

Dr. Ing. Tobias Brinkmann, specialist lawyer for insolvency law and partner in the law firm Brinkmann & Partner, joins the management team. Bavaria’s previous CEO, Lutz Henkel, left the management board last week.

Bavaria said its ‘top priority is now the search for an investor’

‘We have years of experience building high-quality yachts and are industry leaders in many areas,’ said Appel.

Bavaria said that against the background of a good market positioning, the aim was to ‘put the operation on a sound financial basis’.

Bavaria was founded in 1978 and is considered one of the market leaders in European yacht building. In January, it announced the new flagship C65 as well as the C45 models at Boot Düsseldorf.

Payment of wages and salaries for the months of April to June 2018 will be secured by bankruptcy pre-financing.

In a statement, Nautitech Catamarans, said: ‘To this day, the catamaran business remains in Rochefort France. It is an independent French company with its own employees, suppliers and bank accounts. Seen as the “jewel in the crown” of the Bavaria group, the well managed and profitable catamaran business is already attracting interest from potential buyers.

‘Whilst we understand that both the catamaran division and the struggling German operation will probably soon be under new ownership, or indeed ownerships, the operation of the catamaran business is completely unaffected by the situation in Germany. Therefore trading, delivery and after sales service continue as before.’

20 April 2018

The German yacht building giant Bavaria is expected to issue a statement later today, explaining that it is entering administration.

It is thought that the administration will apply to the Bavaria monohulls, but not to Bavaria catamarans. The company, which announced the new flagship C65 as well as the C45 models at Boot Düsseldorf earlier this year, is expected to continue construction and delivery of all current orders and will not be closing its factory.

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Bavaria Yachts emerges from abyss thanks to CMP

• October 3, 2018

The bill of sale between Bavaria Yachtbau Gmb H and CMP has been signed these days and the creditors’ committee has approved the transaction together with Hubert Ampferl, CEO of Bavaria Yachtbau GmbH. The final step will the validation of the document by the German Federal Cartel Office ( Bundeskartellamt) which is expected in a couple of weeks.

” We are convinced of Bavaria Yachts’s global market potential and will sustainably develop the company. The restructuring measures will focus on regaining market share and improving production costs”.

The comment was echoed by the words of  Tobias Brinkmann , CEO of Bavaria Yachtbau:

So, CMP society will focus not only on the turnaround management and therefore the repositioning of the German shipyard on the market but it will have also to complete all the projects undertaken by Bavaria Yachts through operative support and specific managerial measures. CMP will also acquire all shares in the French subsidiary Bavaria Catamarans S.A.S . The private equity fund has also contributed to save the 550 employees of Bavaria Yachts in Giebelstadt and all 250 workers of Bavaria Catamarans in Rochefort .

Now, the future of Bavaria Yachts is in the hands of an excellent buyer, specialized in this kind of operations. We just have to wait for next developments in order to see which strategies will be put in action to fix the company.

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• TRANSACTIONS

BAVARIA YACHTBAU GmbH

debt restructuring with

OAKTREE CAPITAL & ANCHORAGE CAPITAL PARTNERS

About Bavaria Yachtbau GmbH

Bavaria Yachtbau GmbH is one of the largest and most successful producers of sailing yachts and motor boats worldwide. Since 1978, Bavaria has gained widespread recognition in the market for its pioneering fully automated volume manufacturing approach and for the superior value proposition of its product offering.

About Oaktree Capital

Oaktree Capital Management is a leading global alternative investment management firm with expertise in credit strategies. The firm was formed in 1995 by a group of individuals who had been investing together since the mid-1980s in high yield bonds, convertible securities, distressed debt, real estate, control investments and listed equities. Today, Oaktree comprises over 900 employees in Los Angeles (headquarters), New York, Stamford, Houston, London, Paris, Frankfurt, Amsterdam, Dublin, Luxembourg, Dubai, Hong Kong, Tokyo, Singapore, Seoul, Beijing, Shanghai and Sydney.

About Anchorage Capital Partners

Anchorage Capital Partners is a specialised private equity firm that invests in businesses operating below their full potential or undergoing a significant transformation. We seek active partnerships with management teams via control investments where we can apply our unique combination of capital, operational expertise and change disciplines.

Bavaria Yachtbau, the German yacht manufacturer acquired by Bain Capital at the peak of the buyout boom, is set to be taken over by Oaktree Capital and Anchorage Advisers.

Oaktree and Anchorage have agreed to take over the company in exchange for writing off 90 per cent of its €960m debts. The two distressed specialists will share ownership of the company and inject €55m of new funds. Oaktree and Anchorage still need the consent of holders of five per cent of the outstanding debt to complete the deal.

Bain, which acquired Bavaria Yachtbau for €1.1bn in mid-2007, has already written off its investment, but is set to retain a small economic interest in the company.

Oaktree bought 40 per cent of the company’s debt at around 35 per cent of face value from Goldman Sachs, which financed the original deal alongside Dresdner Bank. In August, Anchorage bought up Dresdner’s debt claims.

Lazard acted as sole financial advisor of the seller, Altaventure being special advisor of Lazard for the transaction.

LEAD BANKER

Founder & Managing Partner

Bavaria Yachtbau GmbH Bavariastraße 1 97232 Giebelstadt Germany

Phone: +49 9334 942 0 Fax: +49 9334 942 1160

Email:  info(at)bavariayachts.com Internet:  www.bavariayachts.com

Represented by the Board of Management: Michael Müller (Chairman), Thorsten Gatz, Norbert Leifeld

Registered at court: Frankfurt a. Main Register number: HRB 112933

VAT‐Identification according to § 27 a German Umsatzsteuergesetz: DE320301233

Responsible for this website according German § 6 MDStV: Bavaria Yachtbau GmbH, represented by the Board of Management

Concept, Design and Hosting

Information on technical data and product images

All technical details for the boats can be changed at any given time without notifications. The legally binding information and data for the boats are only and exclusively given in the legal contract via the dealer.

The photographs on this website are of existing models of the BAVARIA YACHTS product range. There may be details and scenery sets shown in the photographs that are not included in the standard furniture of the models shown. Specifications on the website are samples only.

Bavaria Yachtbau GmbH reserves the right not to be held responsible for the topicality, correctness, completeness or quality of the information provided. Liability claims regarding damage caused by the use of any information provided, including any kind of information which is incomplete or incorrect, will therefore be rejected.

All offers are not‐binding and without obligation. Parts of the pages or the complete publication including all offers and information might be extended, changed or partly or completely deleted by Bavaria Yachtbau GmbH without separate announcement.

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Bavaria Yachtbau GmbH intended not to use any copyrighted material for the publication or, if not possible, to indicatethe copyright of the respective object.

The copyright for any material created by Bavaria Yachtbau GmbH is reserved. Any duplication or use of objects such as diagrams, sounds or texts in other electronic or printed publications is not permitted without the agreement of Bavaria Yachtbau GmbH.

4. Legal validity of this disclaimer

This disclaimer is to be regarded as part of the internet publication which you were referred from. If sections or individual terms of this statement are not legal or correct, the content or validity of the other parts remain uninfluenced by this fact.