Sealine Yachts has new owner - Trade Only Today

Sealine Yachts has new owner

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U.K.-based Sealine Yachts was sold to a newly founded subsidiary of the European firm Aurelius, which owns the majority stake in the sail yacht builder Hanse Group.

The U.K.-based Express and Star reported that Sealine administrator Baker Tilly announced the sale today.

Baker Tilly said Aurelius plans to produce the 380 and 450 series models through contract manufacturers. The company’s Kidderminster factory will be put up for sale and the boat manufacturing will be moved overseas, although the newspaper did not specify where.

Hanse Group, which includes the brands Hanse, Moody, Dehler and Fjord, builds boats in Germany and Poland.

Completed boats at the Kidderminster yard will be shipped overseas.

Baker Tilly is arranging the clearance of the remaining plant, machinery and equipment and stock, and the remaining 34 employees will be assisting with that process.

Sealine went into “administration” in May, a status akin to receivership in the United States, Soundings Trade Only reported at the time. Sealine South Coast, the company’s sales and service division, which is based in Southampton, also entered administration.

In early June, Sealine Yachts America was summoned by a bankruptcy court in Florida as a debtor in an involuntary Chapter 7 liquidation case, Trade Only reported.

The amount owed to all petitioners — United Yacht Sales, Hartman Yacht Maintenance and Creative Displays — totaled $173,853.97, court documents showed. Calls made to Sealine were not returned.

In September 2011, the California-based Oxford Investment Group bought Sealine International from Brunswick Corp. Following the purchase, the company made a push in the U.S. market after a 10-year hiatus.

Susan Hardwick, of Hardwick PR, the firm that handled public relations for Sealine, told Trade Only in early May that the North American market had been a “bright spot,” but she also said Sealine had sought an investment or a buyer that never came.

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