Yachting Art Magazine

German yacht manufacturer HanseYachts AG, builder of the Hanse, Dehler, Fjord, Moody, and Ryck brands, is entering a new phase of its corporate evolution. Investment fund Aurelius, the company’s majority shareholder since 2011, is preparing to exit in favor of German family entrepreneur Andreas Müller. Simultaneously, HanseYachts is planning a restructuring process to realign production capacity with current market demand.

The move follows months of speculation, particularly after the group’s low-profile presence at January’s Boot Düsseldorf boat show, where only the Fjord brand was exhibited — a decision that raised industry eyebrows.

An agreement in principle was signed this weekend between Aurelius, Andreas Müller, and CEO Hanjo Runde. The “term sheet” outlines the key conditions for Müller’s acquisition of Aurelius’ majority stake and sets the foundation for upcoming negotiations leading to a definitive sales agreement.

The proposed takeover is part of a broader ambition to combine family business values with modern, economically grounded corporate governance. Both Müller and Runde have framed the move as a long-term commitment to sustainability and the continued presence of HanseYachts in Mecklenburg-Western Pomerania.

However, the transaction remains contingent on several parallel agreements — including negotiations with the state government, financial institutions, and employee representatives. A debt restructuring plan is currently under discussion, alongside social dialogue aimed at securing a responsible transition plan.

In the short term, HanseYachts intends to maintain full production capacity through the end of June 2025 to fulfill peak-season orders. Starting in July, output will be scaled back to reflect declining demand amid a global economic slowdown.

Despite the headwinds, HanseYachts posted strong first-quarter results for 2025, with revenue of approximately €41 million, an EBITDA margin of 12%, and net earnings of €2 million. These figures validate recent strategic moves, including a major innovation program and a complete renewal of the product range.

Still, the broader boating industry continues to face significant structural challenges. HanseYachts identifies three major market pressures: global economic uncertainty, weak conditions in core markets such as the U.S. and Germany, and persistent geopolitical tensions — all of which are dampening investment in recreational boating.

“With Andreas Müller, we would gain a long-term partner aligned with our sustainable vision,” said CEO Hanjo Runde. “My equity participation is a strong signal of confidence in the company, our workforce, and our regional roots. We will carry out this transformation with the utmost transparency and responsibility.”