Insolvent Nobiskrug to be purchased by FSG

Yves Le Marquand
By Yves Le Marquand July 19, 2021 11:18

Insolvent Nobiskrug to be purchased by FSG

Nobiskrug, the German shipyard which filed for insolvency three months ago, is being taken over by Flensburger Schiffbau-Gesellschaft (FSG), which is part of global investment holding company Tennor Group.

The contract, agreed on Friday (July 16th), means FSG will be fully responsible for the operational business as by August. Before restarting superyacht construction under the Nobiskrug brand. Reportedly, the acquisition made it possible to retain almost all of the 300 or so shipbuilding jobs and all apprenticeships.

The steel construction department of Nobiskrug, which, among others, is responsible for the construction, maintenance and repair of the lock gates of the Kiel Canal, will be continued with around 25 employees by the insolvency administrator until another investor is found for it.

Nobiskrug specialises in the construction of superyachts such as Sailing Yacht A or Artefact. As a result, insolvency administrator Hendrik Gittermann, together with PwC, immediately began a search for international investors.

Glitterman, who works for Hamburg-based law firm Reimer, said: “The interest in the traditional Rendsburg company was enormous. Nobiskrug has a legendary reputation in the yacht scene, roughly comparable to that of Bentley or Rolls Royce among car enthusiasts. I am therefore all the more pleased that the months of talks and negotiations with shipyards, private investors and investment companies have led to this result. The deal that has now been signed serves the interests of the creditors, the employees and the entire maritime industry in northern Germany in an ideal way.”

Tennor Group founder, Lars Windhorst, said: This is an important strategic step for us. Nobiskrug opens up access to the attractive growth market of superyacht construction. The renowned shipyard stands for innovative and ecologically demanding individual shipbuilding like few others. FSG remains the core of our maritime investment with the construction of merchant and naval vessels, which we are now expanding to include the construction of superyachts.”

Yves Le Marquand
By Yves Le Marquand July 19, 2021 11:18

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