Nautitech Open 46

[yeloya]

I am told that for new orders Nauthitech is providing the buyers with a letter of gurantee. For the ones who have made already the down payment this is not the case. I've received a letter from the CEO of NAutitech who basically says;
-NAutitech and BAvaria are still two different entities, one french the other being german.
-no delay of any kind in the preocess and they are committed to supply with the agreed time table each boat.
-mine appears to be hull # 71 )which seems a bit strange; could they have made so many boats in 2 years ?


Cheers


Yeloya

[SFer]

What we don't know is if the CEO is in a "damned if you do/damned if you don't" situation. If things aren't good, he has no choice but to paint a rosy picture. Otherwise his staff and customers will exit and it will accelerate the problem. It's a horrible situation to be in because you are put in a position to lie and you know it's for the good of the company and its people. You buy time to solve the problem.

Everything may be just fine, but I'd be cautious about believing any communications out of the company at face value. I'd be optimistic but not just go along automatically with what they say. If I were in Oaktree's shoes, I'd preserve the Nautitech asset and focus on the issues of Bavaria to minimize the downside to the investment that they've made. If I found the right Oaktree Capital web site, they are pretty big at $100B under management. So they will deal with this in somewhat mercenary fashion as it's just one piece of a much larger portfolio.

Chris

[robert sailor]

Why not just have your deposit put into a trust account?

[Bean Counter]

Originally Posted by robert sailor

Why not just have your deposit put into a trust account?

Yes an escrow account would be safe. Funds handed over on delivery. Trouble for the company is they don't get to use your money to fund the working capital to build the boat, which is effectively a free loan to them.

if Nautitech has truly independent banking facilities then a bank guarantee facility would likely be cheaper than borrowing the money - say 1 to 2 % guarantee fee.

[Anders]

Originally Posted by yeloya

I am told that for new orders Nauthitech is providing the buyers with a letter of gurantee. For the ones who have made already the down payment this is not the case. I've received a letter from the CEO of NAutitech who basically says;
-NAutitech and BAvaria are still two different entities, one french the other being german.
-no delay of any kind in the preocess and they are committed to supply with the agreed time table each boat.
-mine appears to be hull # 71 )which seems a bit strange; could they have made so many boats in 2 years ?


Cheers


Yeloya

Who is backing the letter of guarantee? If it's only the company it is worthless.

[Bean Counter]

Just some idle speculation here. Who would be the strategic players to want to buy Nautitech? Take FP for example. They are currently in discussions with Dufour (who I think owned Nautitech at one point years ago). If FP need more production space then maybe Nautitech would be a better fit. Also it may have some models that fill some gaps in the FP range eg the Open 46 Fly. If it is a distressed sale it could be a bargain price. The owners of Bavaria are finance types and they could fund FP into the purchase, whereby they would be swapping some debt in a distressed asset into a viable going concern and a public company. This is predicated on Nautitech actually making a profit of some reasonable level. If Nautitech makes the same sorts of EBITDA profits as say Catana did last year (4m) then maybe would sell for 5 times = 20m - not too big a chunk for FP to swallow with not much debt and market cap of >200m? (even easier for Beneteau)
It would be fun being a fly on the wall in the boardrooms at the moment.

[Sami]

Hello everyone
Does any of you happen to have a checklist of getting a new boat?
Thanks for the help

[yeloya]

Today I've got from my dealer my hull number, commission number (I don't what the hell is this..) ex yard and expected hand over dates, all in line with what was promissed. (delivery first week of July)
Let's see how it will go..


Cheers


yeloya

[LeeV]

Yeloya,

You have to stop buying these all these boats; I'm crying over here! ;-)

Can't wait to hear your review on the O46. We'll never be able to afford one, unless it's used, but we love those Nauti boats! :-)

Best regards,

[Cano46]

My dealer got delivery of my Open 46 last week as planned. No delay or other issues. Looks like Nautitech really not affected by what’s going on in Germany.

[LeeV]

Congratulations!

[rabbi]

from what i found in the German news Bavaria production is back to normal, with ongoing deliveries of about 15 yachts per week.

According to the newspapers Bavaria have always been profitable, and that the only real problem is the inflated purchase price when Bain capital bought Bavaria back in 2007 (and financed the deal at high interest rates).
So with some luck they will get out well.

[CbroTheDude]

Originally Posted by rabbi

from what i found in the German news Bavaria production is back to normal, with ongoing deliveries of about 15 yachts per week.



According to the newspapers Bavaria have always been profitable, and that the only real problem is the inflated purchase price when Bain capital bought Bavaria back in 2007 (and financed the deal at high interest rates).

So with some luck they will get out well.

Their newer models also proved to be more complicated and costly to build than anticipated, which added to the lack of confidence from the investors. Indeed hopefully with the demand growing they will get out of it

[Steel sails]

We visited the factory yesterday. our Boat hull number 76 is fully molded and they are just finishing the bulkhead installation.

They told me that they have had a few delays on the furniture from Bavaria but it’s all flowing properly again and my Boat will be about a week or so behind original schedule. Otherwise not affected by Bavaria.
Of course I expected them to say something to this effect.

My observations, Factory was fully operational , 1 46 and 1 40 preparing to leave plant. In La Rochelle I saw 2 46 and 1 40 undergoing sail installation in water.
1 46 at Grassi Bateaux undergoing client commissioning ( washing Machine , and dryer upgraded batteries)
Boats are therefore obviously shipping from plant.

All in all I think I am going to be OK,

Regards
Paul

[yeloya]

Good news Paul..


Teh hull numbers I received reads as follows:
"FR-NAU N071 8 E818"


I've bought couple of cats from FP and I know how to read them but noty sure about this one. I would have assumed she's number 71. The boat was promissed to leave the factory beginning of July. If so and # 76 is molded already, mine also seems to be on schedule..


Cheers


Yeloya


Yeloya