Bavaria Yachtbau GmbH and Cantiere del Pardo Group (Grand Soleil and Dufour) signed an agreement for the lease and subsequent acquisition of the Cantiere del Pardo group's operations by Bavaria.
Terms of the deal were not released.
As part of the deal, Bavaria will contribute the capital needed to support the business of the Cantiere del Pardo Group while lenders work to restructure existing balance sheet debt, the companies said.
"We are very happy to be able to bring together these great brands to create a top global player," said Jens Ludmann, CEO of Bavaria Yachtbau, in a statement. "Providing liquidity and a strong balance sheet will support the business's growth aspirations. We see significant synergies between the three brands in various areas of the business, and these synergies will enable us to grow and enhance our market competitiveness."
Federico Minoli, CEO of the Cantiere del Pardo Group, added, "We are proud to reach an agreement with a strategic partner like Bavaria. We have formed a powerful group with complementary product ranges, geographical presence and managerial skills. The success that our new products have earned with customers can now ensure significant growth for our group."