Johannesburg - An asset manager has just pumped $25 million - or around R350 million - into a Cape-based luxury boat maker to secure a majority stake.
The deal, by Capitalworks into Robertson and Caine, is the investment company’s first investment into the global leisure market. Capitalworks is an independent South Africa-based alternative asset manager.
Robertson and Caine makes blue water cruising catamarans that sell for anywhere between almost $300 000 and $1.2 million.
The company has 4 manufacturing facilities in Cape Town and over 1 300 staff in its employment, making it SA’s largest boat-builder and the second-largest manufacturer of blue water cruising catamarans globally.
Robertson and Caine, founded by John Robertson and the late Jerry Caine in 1991, has delivered more than 1 300 boats to destinations across the globe since its formation. Its Leopard range has won awards around the globe and currently comprises 4 sailing catamarans and 2 power catamarans.
Roberston says the company is excited about partnering with Capitalworks to take the business forward into the next phase of its growth.
Robertson and Caine initially built custom-made yachts and has expanded to make boats ranging from 36ft fibre-glass mono-hulls to state-of-the-art carbon-fibre racing boats up to 70ft. Some of its boats have won international awards such as: "Best Overall Import Boat in the USA 2005", "Best Multihull 40 feet and Under", Sail Magazine's "Best Boats 2005" and Cruising World magazine's "Charter Yacht of the Year 1998" for the Leopard 45 Catamaran.
Its awards and race wins drew the attention of Bruce Farr, who awarded it a licence to manufacture the Mumm 36 racer, which led to a deal with Moorings, allowing the Cape company to manufacture superbly designed sailing catamarans for its global charter fleet.
Robertson and Caine, based in the Tampa Bay area in Florida, US, is a subsidiary company of Robertson and Caine in South Africa.
Capitalworks concentrates on sub-Saharan Africa and manages more than $515 million for a diverse range of domestic and international investors, including domestic and international institutional investors, commercial banks, insurance companies, pension funds, family offices and high net worth individuals.
Capitalworks founding partner Darshan Daya adds the asset manager is keen to support the almost 25-year-old company in the next phase of its growth.
“Robertson and Caine will provide a welcome addition to our current portfolio, offering further diversification to an attractive growth sector. We are particularly delighted to be investing in a business that has such a significant global appeal alongside such an experienced and well-regarded entrepreneur,” Capitalworks principal Shaun Frankish adds.
IOL