IW Capital is backing Discovery Yachts, which designs and manufactures luxury cruising yachts, to the tune of £626,000.
The private investment house is lending the Southampton based company the funds so that it can acquire Southerly Yachts, an internationally renowned manufacturer of draft cruising yachts.
The two brands have achieved combined sales of 96 yachts during the period 2011 – 2015, representing aggregate sales of more than £70m.
Founded in 1998, Discovery Yachts designs and manufactures luxury cruising yachts famous, it’s said, for their high-end craftsmanship and superior sailing performance across all sea conditions. It currently has over 70 employees ranging from designers to expert craftsmen.
No new Southerly yachts have been built since 2014, said IW Capital, but the brand is still widely recognised in the market. The Discovery Yachts management team believe the market is primed for the return of Southerly Yachts.
CEO of IW Capital Luke Davis said: “For me, Discovery Yachts epitomises the new generation of UK scale-ups that are cementing Britain’s reputation as a leading global innovation hub. By combining expert craftsmanship with superior sailing technology, the company has successfully developed a product that caters to the demands of an expanding market. IW Capital is proud to be supporting Discovery Yachts at this pivotal moment of expansion, and I look forward to seeing what the future will bring for this rising UK business.”
Managing Director of Discovery Yachts Sean Langdon, said: “The loan provided by IW Capital comes at an important time for the company as we cement our position as one of the UK’s leading manufacturers and designers of sailing yachts. Looking to the future, Discovery Yachts will also be seeking to raise additional equity to support our future expansion over the next 12 to 18 months.”
