Wanda seals deal to sell yacht maker
An entity affiliated with Dalian Wanda Group has agreed to sell Sunseeker International, a maker of yachts, to Lionheart Capital, according to people with knowledge of the matter.
The Chinese conglomerate and Miami-based Lionheart had signed a so-called sale-andpurchase agreement, said one of the people, all of whom asked not to be identified discussing confidential information. The transaction, subject to British regulatory approval, was poised to close as soon as next month, one of the people said.
Representatives for Wanda and Lionheart did not immediately respond to requests for comment.
Lionheart, led by founder and chief executive Ophir Sternberg, has backed companies including restaurant chain BurgerFi International, reimbursement specialist MSP Recovery and technology company SMX (Security Matters).
In 2021, the firm was part of a group that bought powerboat maker Cigarette Racing Team.
Wanda was once seen as one of the few high-quality Chinese issuers in the junk bond market, thanks to its focus on commercial property, as well as its asset-light property management business. It came under pressure after borrowing costs surged and Beijing cracked down on the property sector.
The conglomerate acquired a 92 per cent stake in Sunseeker in mid-2013 for “an estimated £320 million”, or HK$3.86 billion at the time. Wanda chairman Wang Jianlin then said the investment was driven by growth in China’s consumption of high-end luxury products that was “exponential”.
Sunseeker, led by CEO Andrea Frabetti, was founded in 1969 in Poole on England’s south coast by brothers John and Robert Braithwaite.
Its models include Superyacht, Ocean, Predator and Manhattan, and the company’s boats were featured in James Bond films Casino Royale, Quantum of Solace and Die Another Day.