US broker MarineMax has acquired Fraser Yachts from the Azimut Benetti Group and will consequently expand Benetti’s presence in North America.
Fraser, which is based in Monaco and has 20 offices worldwide, will operate as normal with the existing team, including chief executive Raphael Sauleau, remaining in place.
Current directors Paolo Vitelli and Roberto Giorgi will also remain at Fraser in an “advisory capacity”.
Speaking about the move, MarineMax president and chief executive officer Brett McGill said: “The acquisition of Fraser is significant for MarineMax as it dramatically increases our presence and strength in the strategically important superyacht category.”
He added: “We are also very excited to add the Benetti Class of yachts to our luxury motoryacht offering. The history and product of Benetti separates the brand from other yachts and will present larger and more luxurious options to many of our customers, who are looking for that next step.”
Chief executive officer and chairman of the Azimut Benetti Group Paolo Vitelli added: “MarineMax’s unrivalled success through many years makes it the best possible owner of Fraser for the future. Strategically, becoming independent from the group will favour the development of the commercial relationship of Fraser around the world.”
Reflecting back on the successful partnership between Fraser and the Azimut Benetti Group, Fraser chief executive Raphael Sauleau said that the brokerage house had enjoyed a market share of "over 24%" for the last five years.
"Today, our brokers are outperforming the market, closing more transactions for clients than any other provider and beating Fraser's own 10-year records along the way."
Looking ahead, he said: "We very much look forward to the next chapter in Fraser's growth with a company we know has been built on solid relationships, efficient and transparent business ethics."