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Industry News
* British charter company and boating school Ondeck has recently acquired London-based nautical training operation Capital Sailing.

Ondeck has also established a company presence in Antigua and in the US Virgin Island of Saint Thomas, and has opened a RYA school in the Algarve, Portugal.

The firm forecasts that it will further expand its 19-strong fleet in 2008. In 2007 the company acquired Pindar’s Volvo 60 and The Rocket Ship Open 60 as well as four Farr 40s, which are permanently based in the Caribbean.

Ondeck has bases on the Solent, UK and in Portugal, Antigua and the US Virgin Islands. Its existing fleet comprises Farr 65s, Farr 40s, Beneteau 40.7s and Dehler 39s. The firm also manages the charter of the Pindar Open 60 and Volvo 60. — IBI news, www.ibinews.com/ibinews/newsdesk/20080218161939ibinews.html

See www.ondeck.co.uk

* The decisions about who gets what in the aftermath of the collapse of Peters Opal sail and powerboat dealership in August last year are not expected before the end of March, according to lawyers representing boat owners involved.

Administrators KPMG were called in to try and sell the company leaving many buyers, sellers and suppliers out of pocket and awaiting their day in court.

The judge in the hearing, which started on 10 March and lasted three days, is not expected to give a verdict for several weeks, however there is hope for some of the affected customers.

It is understood that boat owners and buyers involved in brokerage deals via Peters Opal remain hopeful of getting their money back, perhaps even with expenses. However new-boat buyers may not fare so well, as many of these boats were owned by finance companies.

The KPMG administrator’s report published two months after the takeover in August found that funds in the client account were routinely transferred to the business account, which ended 6 million GBP overdrawn.

Practical Boat Owner www.ybw.com/auto/newsdesk/20080217165141pbogeneral.html

* The French Nautical Industries Federation (FIN) has elected Thierry Verneuil of the watersport company Bic Sport to be the organisation’s new chairman.

The vote took place at FIN’s general meeting on Wednesday March 12. Verneuil succeeds Annette Roux, who did not wish to stand again after 15 years as head of the organisation.

Verneuil joined the Bic group in 1986 as CEO of Bic Sport and has been its president since 1997.

The general meeting also saw the promotion of Philippe Fourrier to the position of CEO, succeeding Tibor Sillinger. He was previously executive director for six years. — International Boat Industry (IBI), www.ibinews.com/ibinews/newsdesk/20080220104605ibinews.html

* Arrangers Goldman Sachs and Dresdner Kleinwort have increased their efforts to syndicate the covenant lite leveraged buy out debt of German yacht builder Bavaria Yachtbau, according to financial newswire Debtwire Intelligence.

One-on-one meetings for parties interested in taking on Bavaria’s debt will take place this week. Significant discounts to par are said to be under discussion.

The total package amounts to around 1 billion Euros. Underwriters negotiated with sponsor Bain Capital at the end of 2007 to amend the pre-crunch financing.

Private equity firm Bain Capital along with Bavaria’s managing director Winfried Hermann acquired the company in July 2007. No purchase price was officially disclosed, but industry reports cited a total consideration in excess of 1 billion Euros.

www.ibinews.com/ibinews/newsdesk/20080218135038ibinews.html

* Following the announcement of its acquisition in January, Etap Yachting’s new owners, Dehler, has announced a repositioning of the brand within the marketplace, with emphasis on safety, quality, comfort and energy efficiency. “Where Dehler in its product strategy compares itself with Porsche, Etap be positioned as the ‘New Volvo’ in the boat industry,” read a statement issued from the boatbuilder.

“The target group will be families/couples from 35 to 65 years of age. Clients who want to identify with an image brand, which radiates quality, safety, energy saving and a high degree of comfort.”

Changes have already begun and new Etap models will be introduced in 2009. “The interior will be changed from vinyl to high quality wood interior with new more classical colour propositions. The customer will have more choice in high quality upholstery,” read the statement. Etap exteriors are also being modified: “From now on there will be more possibilities to order the hull in another colour than white. New striping integrating the new positioning/logo will be implemented on all yachts. There will be the possibility to have the deck in cork or teak. The anti slip metal rail will be re-placed by an elegant wooden rail and there will be improved deck gear / hinges and taps. In the future a new uniform window design will be developed on all the boats.”

The overhaul is designed, its new owners claim, to leverage the Etap brand to compete with the likes of Swedish built yachts Hallberg Rassy and Najad. — IBI, www.ibinews.com/ibinews/newsdesk/20080211125944ibinews.html

* Specialist marine clothing brand Henri Lloyd, has announced the continuation of their sponsorship of the Henri Lloyd - Royal Lymington Yacht Club Spring Series for the 2008 season.

The Spring Series which consists of ten races, commences on March 30th for five weeks, there are two races scheduled each Sunday for the following classes: IRC 1, IRC 2, IRC 3, Sportsboats, Folkboats, XODs and Lymington Handicap boats.

The Western Solent offers the best racing waters with a wide variety of options for course settings, while the club offers unparalleled hospitality to all competitors. Henri Lloyd will also be providing top of the range prizes and vouchers for the winners of each class.

The Henri Lloyd - Royal Lymington Spring Series NOR and Entry form are available to download from www.rlymyc.org.uk/racing/default.asp?page_id=738

Paradise News Book | David Lodge £6.99 End Date: Sunday Nov-23-2008 5:24:44 GMT Buy it now | Add to watch list

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This entry was posted on Tuesday, March 25th, 2008 at 11:12 pm and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.