New fractional yacht company formed

MIAMI – Former fractional jet company executive Tom Patterson and avid sailor Robert Pevenstein have joined forces to create Phoenix Yacht Management, a fractional yacht company that has signed an exclusive agreement with French shipbuilder Fountaine Pajot, according to an interview published in The Helium Report. The company also is working with South African shipbuilder CNB in anticipation of future orders.

Phoenix CEO Patterson was instrumental in building NetJets, according to the publication’s interview with Pevenstein, whose background includes serving as a senior level corporate finance executive and as VP and CFO of UNC Inc. – sold to General Electric Co. in 1997.

The new company currently owns only one boat: a 60-foot Fountaine Pajot Eleuthra catamaran valued at $1.4 million, the eight shares of which go for $177,500 apiece and are expected to be sold by the end of the Miami International Boat Show in mid-February, according to Pevenstein. The company will schedule delivery on its second and third boats once the shares of the first are completely sold, he added.

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