Sunseeker 88 Yacht

Wanda Group, majority owner of Sunseeker International since 2013, has agreed to sell the Poole-based yacht builder to Miami-based investment firm Lionheart Capital, according to Bloomberg.

The news agency stated that, “according to people with knowledge of the matter”, Wanda Group and Lionheart had signed a sale-and-purchase agreement. The transaction could close as early as May, depending upon British regulatory approval.

Sunseeker has declined to comment on the situation. Last year, Sunseeker CEO Andrea Frabetti announced that the yacht builder had a retail forward order value of £625 million, signalling a continued recovery following a downturn in 2020 due to the pandemic.

Lionheart, led by founder and CEO 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 US powerboat maker Cigarette Racing, which recently launched its Middle East operation.

In 2013, Wanda Group, China’s largest shopping centre operator, reportedly acquired nearly 92 per cent of Sunseeker for £320 million. However, the conglomerate has increasingly come under pressure after borrowing costs surged and Beijing cracked down on the property sector, Bloomberg reported.

In early December 2023, Wanda Group was divesting core businesses, including its commercial facility management and movie divisions, to avoid bankruptcy. In January of this year, the Group were selling assets such as the 193-room Shanghai Wanda Reign luxury hotel, situated in Shanghai’s famed Bund district.

www.sunseeker.com