Slovenia-based sailboat builder Elan Yachts was sold to Merrill Lynch International and Wiltan Enterprises Ltd.
Slovenian state holding company SDH, which coordinates the privatization process in the country, said Wiltan Enterprises is acquiring 95.1 percent of Elan as part of the sale, according to published reports.
“With signing of the share sale and transfer agreement, Elan is entering into the final stage of the sale process, which should be concluded in a timely manner,” Elan Yachts management board president Andreja Košir said in a statement.
“After a long sale process, we believe that the signing of the SPA will enable Elan to stabilize its operations and ensure the company can look forward to a solid foundation for prosperous future developments,” she said.
With production in all divisions running, the company is fulfilling customer orders.
“We believe that Elan has great future potential with many development opportunities, all of which represent excellent prospects for the new owners to grow this multifaceted business,” said management board vice president Leon Korošec. “With recent strengthening of the Elan core businesses and an increased market share, as well as numerous innovations and design awards … we are positive that this potential can be achieved.”