Riviera, a luxury boatbuilder based in Australia, is taking steps to weather the global economic storm, and those steps include getting a financial shot in the arm.
After a strategic and operation review of the current economic climate, and its resulting slowdown in demand, the builder received an injection of new equity from its institutional investors which include Ironbridge and Greshman Private Equity, according to a Riviera statement. The financing arrangement, which includes a new three-year debt facility, provides the management team with greater flexibility as it responds to the challenges in today's global market, CEO John Anderson said. Riviera did not release the amount of the new equity.
Anderson noted Riviera's "encouraging" sales performance at international trade shows in the latter part of 2008; however, he expects the market in general to continue to slow as a result of the overall economic situation.
"We believe our new banking arrangements provide the business with greater operational flexibility and a more stable platform from which to build the business over the medium term and that the support of our bankers and institutional investors clearly reflects the underlying strength of the Riviera business," he added.
In addition, the builder is making changes to its executive team, appointing Ly-Eng to chief financial officer and Les Galbraith to managing director of the company's Australian retail organization R Marine. Former managing director Tim Sayer is moving up to new position of director of global sales and marketing. Also, Michael Burke climbs the ladder to director of operations.
