Pendennis is significantly expanding operations with the acquisition of Devonport Yachts.
The Falmouth-based shipyard currently builds and refits superyachts up to 197ft (60m) in length, but will now be able to build even larger vessels.
Pendennis’ joint MD Mike Carr explained: “This acquisition provides the group with a powerful brand with which to penetrate the 60m+ new build and refit markets and to continue to develop our position as a leading international superyacht business.
Placing the Devonport brand and Devonport Yachts Ltd’s other assets within the group will expand our portfolio and help accelerate plans to further develop Falmouth as the UK’s premier superyacht centre of excellence.”
Devonport Yachts Ltd will continue as a separate business with Stephen Hills as managing director. He remarked: “This is a great opportunity to continue to develop the UK’s large superyacht capability and realise the potential which exists in the south west.
“There are major synergies within the two businesses which will serve to continue and further strengthen the Devonport superyacht brand, offering a UK service for very large bespoke new build and refit projects.
“Our immediate priority is to finalise the new operating arrangements for Devonport Yachts Ltd, after which we will be running a series of yard visits where we will explain in detail the many advantages of the new Devonport yachts business based in Falmouth.”
Pendennis added that as part of the deal, Ernesto Bertarelli (owner of, two times winner of the America’s Cup, Team Alinghi) will become a minority shareholder in the business.