Riviera begins process of finding a buyer


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.


Siren’s 3 Series Receives NMEA 2000 Certification

The Internet of Things technology allows OEMs and other stakeholders to receive such data as engine metrics, fault codes and service data.

Galeon Launches Outboard Series

The first model in the series, the 325 GTO, will be powered by twin 350-hp Mercury Verados.

We Have Liftoff

Foil-equipped powerboats are poised to enter the mainstream recreational marine market.

Scania To Power Demo Viking 46

The Swedish engine manufacturer will use the boat in tournaments and other events to showcase its power options to the U.S. market.

Quick Hits: January 20, 2021

ShoreMaster, HydroHoist and Neptune rebranded as Waterfront Brands; Boats Group acquires more European brokerage sites; and Gill Fishing partners with rgyr agency.

Should You Require Employee Vaccinations?

With the Covid vaccines becoming more readily available, it’s a topic that’s worth addressing now.

Parker Sponsors ‘Journey for a Cause’

An Indiana college student will embark on a 10-day passage from the Ohio River to the Gulf of Mexico to highlight inclusion and fishing.

With Great Power Comes Great Challenges

Today’s high-horsepower outboards are heavy, and produce prodigious power and torque — three factors that boatbuilders must balance.

Guy Harvey Foundation Awards Scholarships

The inaugural Legacy Scholarship went to four Florida high school seniors who are attending Nova Southeastern University.