Giancarlo Galeone and the New Sunseeker Era: Exclusive Interview

Less than two months ago, during the Fort Lauderdale Boat Show 2024, the acquisition of Sunseeker was announced by two funds in partnership: the Italian Faro Alternative Investments and the American Lionheart Capital.

In the board leading the new course of Sunseeker—an esteemed British shipyard previously owned by Dalian Wanda Group, a Chinese holding company operating in the hospitality, real estate, and tourism sectors—stands out the figure of Giancarlo Galeone, General Partner of Faro Alternative Investments and, most notably, a prominent figure in the yacht industry over the last 30 years.

Under Norberto Ferretti’s presidency, starting in 1995, Galeone served as CEO and later as Vice President of the Ferretti Group—a company where he was also a shareholder through a management buyout operation. In 2008, he moved to Wally Yachts, and later, alongside Luca Ferrari and Gilberto Grassi, he founded Anvera, a shipyard specializing in large RIBs.

Last week, we met with Giancarlo Galeone in Rome, where he granted us an exclusive interview regarding the acquisition.

PressMare – Giancarlo Galeone, when did the idea to acquire Sunseeker first emerge?

Giancarlo Galeone – During the Monaco Yacht Show 2023, I met Andrea Frabetti, Sunseeker’s CEO, and we began discussing it. Evaluating the operation and knowing that there was another potential buyer, Lionheart Capital, I eventually contacted them to find common ground...

PM – Better to collaborate than escalate into a bidding war...

GG – Exactly. By reaching an agreement with them, we avoided an auction and formed a partnership that allowed us to achieve our goal.

PM – What is the added value?

GG – Beyond the financial aspect, the real added value lies in the people involved. The company moves from a Chinese board of directors—distant, largely formal, and disconnected from the yard’s daily operations—to an active board. The new members have extensive experience in nautical and luxury sectors, with fresh ideas and the desire to drive the company forward.

PM – Besides your role as Chairman and Andrea Frabetti as CEO, there are other Italians involved...

GG – Yes, there’s Augusto Balestra, who worked with me at Ferretti for twenty years, and Mario Gardini, founder of Faro Alternative Investments, who comes from the luxury sector, having worked extensively in fashion. Then there’s Anthony Sheriff, an “almost Italian,” who served as CEO of Princess Yachts for seven years and has vast experience in luxury automotive, with McLaren, Aston Martin, Ferrari, and Pininfarina, and now works with Bugatti.

PM – Then there’s the American partner, Ophir Sternberg, owner of Lionheart Capital...

GG – He’s equally important and complementary—a financier with substantial international relationships, especially across the Atlantic, which will weigh heavily on Sunseeker’s future.

PM – How was the operation concluded? What are the ownership shares between Faro Alternative Investments and Lionheart Capital?

GG – I’d prefer not to specify that.

PM – How many boats does Sunseeker currently produce, and what are your goals for the near future?

GG – Sunseeker currently builds around 110 boats per year, but with the same production structure and no major investments, we could reach 140 boats, market permitting.

PM – What is your impression of today’s market?

GG – The market appears two-paced: slow for small boats but still healthy for larger yachts. We’ll monitor developments in 2025 carefully, particularly since there’s significant stock for vessels under 24 meters. Some yards and dealers are struggling...

PM – Could this create acquisition opportunities for investment funds?

GG – Interesting opportunities might arise. If the market declines further, the value of shipyards will decrease accordingly.

PM – Would Faro consider acquiring other yards?

GG – The Sunseeker deal was made both through the fund and specific investors for the company. Faro Alternative Investments, where I am a General Partner, is not solely dedicated to yachting. We have a target of €1 billion in fundraising by 2026, and we’re currently approaching €200 million. So, there will certainly be other acquisitions, although I can’t say if they’ll be in the nautical sector.

PM – When will we see a new Sunseeker model?

GG – At Düsseldorf, Sunseeker will launch the Manhattan 68, a project initiated under the previous Chinese ownership. It’s still an excellent boat, and we have high expectations for it.

PM – How valuable is it to have a CEO like Andrea Frabetti, with his strong technical background?

GG – It’s incredibly valuable, especially given the team behind him. Sunseeker’s engineering division has always been a key strength, alongside their design department. Andrea has intensified efforts on product development, launching several successful new models and advancing others currently on hold.

PM – Why were these projects put on hold?

GG – The previous ownership focused little on yachting, pursuing a conservative investment policy. We’re now revisiting these projects with Andrea to evaluate how to bring them to market.

PM – Are these larger yachts, mid-range, entry-level, or a new range entirely?

GG – For now, I can say we’ll see an evolution toward the high end of the market, focusing on larger boats.

PM – Will Sunseeker remain focused on composite construction, or will you explore metal for larger yachts?

GG – We will continue to build motor yachts exclusively in composite materials, with a clear Sunseeker identity—unmistakably British in style.

PM – No influence from Italian design?

GG – We respect the essence of the brand, which has made Sunseeker a major global player, particularly valued for its distinct British style. In markets where Italian brands struggle, Sunseeker thrives.

PM – Where is Sunseeker strongest?

GG – The Southampton Boat Show is where Sunseeker sells the most, a market largely untapped by Italian brands. Additionally, Northern European clients favor our sporty designs, while Commonwealth customers remain loyal to the British brand.

PM – And Latin markets?

GG – With our experience, we can better enter markets where Sunseeker currently struggles, including Italy.

PM – Will the dealership structure in Italy remain the same?

GG – Sunseeker London manages most European markets, including Italy, Greece, and Turkey. We intend to strengthen collaboration with them, leveraging our background to enhance growth in these regions.

PM – Does Marco Segato play a role in the new Sunseeker era?

GG – Yes, Marco Segato is part of the team as an external consultant, almost full-time, assisting with commercial development and strategy.

PM – Will Sunseeker require investments in its facilities?

GG – We need to improve infrastructure for building larger yachts while maintaining top quality and some degree of industrialization.

PM – Will all production remain in Poole?

GG – Absolutely. Sunseeker is deeply tied to Poole, much like Ferrari is to Modena. Moving production elsewhere would undermine the brand’s heritage.

PM – Yet, there is already a share of "Made in Italy" on Sunseeker yachts...

GG – Yes, around 20-25% of components come from Italian suppliers. Italian accessories add value, and we’ll continue leveraging this synergy.