2007 - 62m Feadship "Secret"
OFFICIAL Press Release - September 1st 2008
LVMH Moët Hennessy - Louis Vuitton, the world’s leading luxury products group, has signed an exclusive agreement with Egeria, an investment company based in the Netherlands, to acquire Royal van Lent, the Dutch designer and builder of luxury custom mega-yachts sold under the Feadship brand.
This acquisition will enable LVMH to enlarge its scope of activities and to expand its presence in products and services at the top of the luxury market. Royal van Lent’s yachts target an ultra-exclusive clientele and are built to the highest quality standards using specific know-how. Feadship’s attributes of creativity, craftsmanship, innovation, quality and exclusive positioning are shared by all the luxury businesses operated by LVMH.
Founded 160 years ago, Royal van Lent enjoys a leading market position. It designs and builds custom mega-yachts under the Feadship brand, one of the most exclusive and prestigious brands in the world for motor-yachts measuring over 50 meters.
The custom-built ultra-luxury mega-yacht sector offers strong global growth prospects. By targeting exclusively ultra-high net worth individuals, Royal van Lent offers an outstanding growth opportunity that is resistant to economic cycles. Since 2000, the worldwide order book for custom-built luxury yachts measuring over 50 meters has grown by more than 20% per annum.
LVMH will work closely with Royal van Lent's management team, and is committed to the continued, long-term development of the company and the Feadship brand. LVMH will leverage its very high end client network and global reach, both in developed and emerging countries, to accelerate the growth of Royal van Lent and the Feadship brand worldwide. The objective is to consolidate the company’s leadership while maintaining its unique heritage, exclusive positioning and exceptional craftsmanship. Dick van Lent will continue to head the company.
Antonio Belloni, Group Managing Director of LVMH, commented: “This acquisition is an outstanding opportunity for LVMH to welcome to the group as prestigious a business as Royal van Lent, which is well-established in the ultra-luxury market. We are confident about its growth potential in the exclusive mega-yacht sector, a market with sustainable growth prospects.”
Dick van Lent, Chief Executive Officer of Royal van Lent, added: “I am delighted that Royal van Lent will become part of the LVMH family, which has a proven track record in preserving the heritage of prestigious brands, with high quality products, while positioning them for successful global growth. We look forward to benefiting from the support and strategic leadership of the world’s leading luxury goods company. I am pleased to be involved in the continued development of Royal van Lent, a company with 160 years of history in yacht construction, as part of the LVMH family.”
The works council of Royal van Lent has been asked to render its advice in respect of the intended transaction and the relevant trade unions have been informed. The intended transaction will be subject to clearance of the relevant competition authorities.