Australian boatbuilder Riviera announced that the company was sold to private ownership and officially exited receivership.
Longhurst Marine Holdings Pty Ltd., a Queensland-based investment company, purchased the Riviera assets, work in progress and associated companies for an undisclosed amount. Longhurst has offered employment to the majority of Riviera’s staff and contractors and has entered into a long-term lease for Riviera’s Coomera manufacturing facility, the company said.
“I have watched how the Riviera luxury boat brand has so emphatically endured the last four years of turbulent economic conditions,” Longhurst Marine Holdings managing director Rodney Longhurst said in a statement.
“For the past two years and nine months the company has operated in receivership, and during this period local and international competition has also been particularly fierce,” he added. “The very strong loyalty that Riviera owners feel toward their boat and the company is truly to be admired. This culture cannot be created overnight and is the sum total of many contributing factors over the past 32 years.”
Wes Moxey, the former CEO of Riviera and a veteran of 26 years with the company, was asked to return immediately as CEO. After taking a 12-month sabbatical from the marine industry, Moxey has spent the last 18 months involved in the development of a new line of limited-edition motoryachts called Belize.
The Belize motoryacht line will be offered shortly through Riviera’s global network of 46 dealers spaning 66 countries.
In other appointments, Stephen Milne was named director of brand and sales and Chris Gilfoyle was named head of manufacturing.