56 DECEMBER 2015 | International Boat Industry http://www.ibi-plus.com
Strategy & Finance
INSIDER | DOMINIQUE HEBER-SUFFRIN
H
aving ten chief executives in ten years
does not bode well for any international
company, particularly when the last two
owners are US-based private equity firms that
do not take a long-term view of the business.
Zodiac Nautic, the most famous brand in RIBs and
inflatables, found itself in that position earlier this
year when it was forced into bankruptcy protection
in France.
After months in limbo, Zodiac emerged from
bankruptcy in July with a new owner who has
ambitious plans to bring the company back to its
former leadership position in Europe and North
America. “I discovered by chance that the company
had fallen into bankruptcy,” says Dominique Heber-
Suffrin, during an interview at the Ft. Lauderdale
boat show. “I almost didn’t believe it at first. When
you hear an iconic name like Zodiac almost dying, it
doesn’t seem possible.”
But it was possible. The company had changed
directions under ten different leaders in a decade,
with majority ownership in the last eight years
held by private equity firms. The boat business was
parceled off from the Carlyle Group to Oaktree
Capital in 2013. After Zodiac Nautic fell into
bankruptcy, Heber-Suffrin, along with 55 other
suitors, expressed interest in buying the assets.
Zodiac’s facilities in Tolouse, France and Tunisia,
were shuttered, while its North American facility in
South Carolina continued to build inflatables and
RIBs.EXPERIENCED BUSINESSMAN
Heber-Suffrin was among nine finalists who
committed to due diligence. He visited all three
factories, and spoke with former managers and
union workers. “Plenty of things were missing
like lack of proper operational management and
processes to run a successful business,” he says.
“But I saw a passion for the brand. Without that, I
would not have been interested in buying
the business.”
The word “passion” might immediately raise
red flags among merger and acquisition experts,
especially coming from a newcomer to the boating
industry. But Heber-Suffrin saw a determination
and love for the company in the workers and
management that prompted him to stay in theA new sign of the Zodiac?
ZODIAC’S NEW CEO, HEBER-SUFFRIN, PLANS TO TRANSFORM THE ICONIC FRENCH RIB-MAKER WITH NEW
MANUFACTURING PROCESSES AND TECH INITIATIVESWORDS: MICHAEL VERDONSDominique Heber-Suffrin says passion for the brand led to buy the businessacquisition game. “I had a lot of time for due diligence
and mining the financial data. I was careful in
building a viable business plan,” he says. “I wanted
to make sure it was worthwhile to take a risk. I didn’t
want this to be a failure.”
Heber-Suffrin, a soft spoken but methodical