Tumultuous markets and economic uncertainty haven’t dimmed enthusiasm for the most extravagant of pricey playthings: the superyacht.
In the latest example of the robust market for the massive, luxurious ships, Heesen Yachts, a superyacht builder formerly owned by a Russian oligarch, was acquired recently by Dutch packaging billionaire Laurens Last.
The deal follows a steady year for superyacht sales and heightened interest from institutional investors in ports and similar infrastructure that support the industry. In February, a unit of Blackstone Inc. bought a U.S. marina and yacht-servicing business for $5.65 billion.
The price Last paid for Oss, Netherlands-based Heesen wasn’t disclosed, but the yachtmaker described the acquisition as a significant long-term investment and “substantial commitment.” Securing a Dutch businessperson as owner is a welcome outcome for Heesen, which was previously owned by Russian oil mogul Vagit Alekperov. Ownership was transferred to a Dutch foundation in 2022 after Alekperov was sanctioned by the UK, Australia, Canada and New Zealand following Russia’s invasion of Ukraine.
“This acquisition is more than an investment, it’s a dream,” Last, 57, said in an April 7 statement announcing the deal. “Heesen represents the pinnacle of Dutch engineering and maritime craftsmanship.”
Last sold his flexible-packaging business, Scholle IPN, to Switzerland’s SIG Group AG for €1.05 billion ($1.2 billion) in 2022. Scholle pioneered the bag-in-box package, a system of storing and dispensing liquids that’s commonly used for beverages like wine and cold-brewed coffee.
The statement announcing the sale described Last — who’s worth $1 billion, according to the Bloomberg Billionaires Index — as a “passionate yachtsman.” He’s the largest individual shareholder of SIG with a 10% stake and also manages a portfolio of companies through his TSAL Family Office.
Last declined to comment on the net worth estimate.
The yachtmaker, founded in 1978 by Frans Heesen, specializes in boats of 50 to 80 meters (164 feet to 262 feet) in length and is one of the few builders that construct hulls from aluminum as well as heavier steel. Alekperov, 74, a major shareholder in Russian oil company Lukoil, acquired the company in 2008.
Once one of the biggest buyers of superyachts, Russians have all but disappeared from the global market due to sanctions. After the onset of the Ukraine war, some Russian-owned boats were seized by governments while those still under construction in European shipyards were sold to new, unsanctioned owners.
Still, the disruption did little to curb overall demand for superyachts, which soared during the pandemic and its aftermath as the ultrarich grew wealthier and social-distancing efforts introduced more people to yachting.
After a dip in sales in 2023, the market has stabilized, industry statistics suggest, with 76 superyachts sold in 2024 compared with 71 the previous year. About 30% of superyacht owners are from Europe, with an additional quarter from North America.
Superyachts are generally defined as those exceeding 30 meters in length. Heesen, which builds most of its ships on spec, reported revenue of €209 million last year and earnings before interest, taxes, depreciation and amortization of €17 million.