Riviera begins process of finding a buyer

Author:
Publish date:
Social count:
0

The receivers for Riviera, Australia's largest boatbuilder, say they have started the "expressions of interest" process for parties interested in acquiring the assets and business of the Riviera Group.

"To date, we have received a significant level of enquiry regarding Riviera from both local and overseas parties," Deloitte partner Chris Campbell said in a statement. Deloitte was appointed as receivers in May.

"We are also seeking expressions from parties who may be interested in acquiring the assets and business, providing new equity and/or effecting a financial restructure of Riviera," he added. "A detailed Information Memorandum on the business opportunity has been prepared and the process being run is subject to interested parties executing a confidentiality agreement."

Riviera said it enjoyed considerable sales success in the weeks following the Sydney International Boat Show that concluded earlier this month. During the five days of the show, the company reported the sale of eight new luxury boats across its Flybridge, Sport Yacht and Offshore Express ranges.

In the three weeks immediately following the Sydney Boat Show, Riviera contracted another seven boats and expects to more than double the Sydney Boat Show sales for the month of August for the Australia/New Zealand region.

"These strong results were the rewards of continued investment in new model development and current model innovation driven by listening closely to our owner's feedback and future needs," Riviera CEO John Anderson said in a statement.

"The current level of sales activity and enquiry is certainly a clear indication to us that the Riviera brand and product remain the choice for Australian boating enthusiasts," he added.

Related

MarineMax has strong second quarter

MarineMax grew revenue more than 10 percent to $270.6 million in the second quarter, prompting the company again to raise its annual expectations to $1.44 to $1.50 versus its prior expectations of $1.30 to $1.40 per-diluted-share.

Brunswick releases first quarter sales

Brunswick Corp. announced that consolidated net sales increased 7 percent in the first quarter, with the marine engine segment up 9 percent and the boat segment rising 7 percent over last year.

Flir posts first quarter results

First quarter revenue at Flir Systems Inc. grew 8 percent to $439.6 million, and organic revenue was up 13 percent, due in part to strong results in the Raymarine.

Connecticut Spring In-Water Boat Show announces exhibitors

The 3rd Annual Connecticut Spring Boat Show will be held May 4-6 at Brewer Essex Island Marina in Essex, Conn., and will feature boats from Albemarle, American Tug, Back Cove, Beneteau, Boston Whaler, Buzzards Bay, Catalina, Chris Craft, Cutwater, Dufour, Dyer, East Bay, Formula, Four Winns, Grand Banks, Hunt, Legacy, Mainship, Maxim, Meridian, MJM, Monterey, Nordic Tug, Ranger Tug, Rossiter, Sabre, San Juan, Scarab, Scout, Sea Born, Sea Ray, Shelter Island, Southport, Surfhunter, Tiara, Vanquish and more.