How a yacht buyer turned into a shipyard owner: in conversation with the new face of Silent-Yachts

Italian electric yacht manufacturer Silent-Yachts is under new ownership after it was liquidated earlier in 2024. Katia Damborsky catches up with the new owner to see what the future has in store…

In early 2023, a client arrived at Silent-Yachts in Fano, on Italy’s eastern coast, expecting to take delivery of his new 19.2-metre Silent 62. He had shuttered his life in the States and was preparing to start living on board his new boat – but to his surprise, the vessel wasn’t even close to completion.

In the months following, it became clear that the yard was in trouble. The client, German-American lawyer and investor Michael Said, ended up stepping up to pull the yard from the brink of insolvency, purchasing it back from the liquidators who dissolved the business. With several of his business associates at the helm to assist in the management of the newly structured Silent-Yachts, we discover what's next for the yard... 

How did you end up saving Silent-Yachts?

When it became clear the yard was having trouble, I decided to bankroll the company for a while. When it was officially declared bankrupt, it was the most obvious solution for me to step up and take over. It was a smooth transition. I don’t know of any other insolvency case where liquidation was declared one day, and the next day all the employees and suppliers are paid. There were no bumps in the road.

What’s your background?

I was an immigration and criminal attorney working in Iowa. I was an immigrant myself and I went through the system, and I thought “Oh God, even with all of my degrees and languages and experience, I’m having all these problems”. How does somebody who doesn’t read or understand English get through this? Immigration is my specialty but I have always been attracted to law. I always wanted to be a lawyer, right from when I was a kid. However, it’s a 24/7 job and I don’t practice anymore.

I suppose Silent-Yachts is the next big project for you?

I have big plans for Silent-Yachts. How quickly they will realise, we’ll see. I think what we have here is too small and I would like be closer to the water. We'd like to expand my production, build up to 120 feet. There are also plans for a 160, but it’s just plans right now. To do all this we need a bigger facility.

So you’re in it for the long run at Silent-Yachts?

I always laugh and shake my head when people say I’m going to just build my boat and then drop everything [at Silent-Yachts]. These [critics] don’t know me, they’ve never spoken to me. I’m like, “you think I’ve spent all this money just to build my boat”? That would make it very expensive.

Why do you think you’re in the best position to help Silent-Yachts restart?

Wherever I was in life, I was lucky to be surrounded by people who I could trust and people who knew what they were doing. That doesn't necessarily mean I know what I'm doing all the time. So often I see people, especially people with education and human intelligence, who are unable to admit they don’t know the answer or have the solution. It’s impossible to know everything. But I can always find the right person who will know.

Why do you think Silent-Yachts had all of these problems in the first place?

 I was a customer, so I can tell you it was not efficient and had some management issues. All of those people responsible are no longer with the business anymore. I don’t blame anyone who’s still here for [the shortcomings under previous management]. I have full confidence in the current team and their commitment to improving and moving forward.

Can you tell me about your family background?

My dad is from Algeria. He was one of the first foreigners after the war in Germany to get a degree in geophysics. While he was in Algeria he helped establish the Algerian Oil Company, which at the time was a huge company. Then he went on to be a director at OPEC [The Organization of the Petroleum Exporting Countries].

What does your dad think about you going into green technology?

He's 100 per cent behind me. My father was a believer in electric in the 80s, when he was head of an oil company. He always said that oil is a finite resource and we need to think about what's going to happen down the road and start the transition now, we can't wait until there's no more oil. He believed that as oil reserves diminish, conflicts could arise over the remaining supply. But he believed that if we plan ahead, the transition can be a smooth one.

What’s the big change you’d like to see in Silent-Yachts in five years’ time?

I would like to see an advance, and I think we will see an advance, in batteries, because I would like to see an increase in the range. My dream would be to get rid of the generator. I have a company and it is involved in R&D in different areas, and these different areas will involve Silent--Yachts projects in the future. I'm spending some money [in this area] because I want to come up with powertrain batteries for the next generation.

What about on the product side?

We're trying right now to use as many green materials as much as possible. You have to remember I inherited [Silent--Yachts] four months ago. But in those four months, we have slowly started to increase our use of green material and recycled materials in the building of the boats. I want to see how much more can we replace and exchange [traditional] materials for more eco-conscious ones.

What’s your biggest dream for Silent-Yachts?

You know, very few boats can go to places like the Galapagos, because the restrictions are tight and most boats pollute the water.  [Silent-Yachts] don't pollute the water, except if we use the generator. But then the other big problem is the blackwater. You can install [a treatment system] but I would like to see that as a standard, not as an option, so that my boats can go where other boats can’t go. All of these restricted areas, lakes even, where motor boats are not allowed because of the pollution. Why not use one of mine? But in order to do that, you have to be able to take care of the blackwater. 

How will you stay ahead of the market?

We have a large portion of the market and I want to maintain that. The only way to do that is to put some money in R&D. What I’ve seen over and over again is that companies have great ideas, they get off the ground and then they forget to put money into R&D. They just coast along. They forget to invest in R&D and they don’t remember that’s how they ended up in the strong position in the first place.