Interview by: Francesca Webster
Publication: SuperYacht Times
Five years after their acquisition of Dutch yacht builder Moonen Yachts, Matthew and Louise Baxter reflect on their transformative journey during the Fort Lauderdale International Boat Show. We discussed the challenges they have faced, the plans for the future, as well as the new flagship model the 133 Mallorca.
Matthew and Louise are joined during the conversation by IYC’s Matt Stone and Richard Gray, who discuss the recent partnership between the two companies, with IYC now representing the shipyard in an exclusive global partnership.
Since acquiring Moonen Yachts in 2019, how have your goals and visions evolved over the years?
Matthew Baxter: We had always admired Moonen Yachts and the quality of its yachts prior to our acquisition but our primary aim at the start was to stabilise the business – that was non- negotiable. We had to ensure the company’s survival and future success, which involved some tough decisions. Retaining our core team was vital because their skills were indispensable. We had to streamline operations, which meant letting go some staff, focusing only on those integral to our mission. We strongly felt that the 122 Martinique was a solid product, capable of taking the brand forward. In terms of the shipyard’s history we certainly feel that this has been a good period and that we’ve achieved what we were hoping to achieve.
Louise Baxter: Yes, it was about protecting the craftsmanship and expertise that Moonen Yachts had cultivated over the years. Over time, we’ve sold and delivered five Martinique yachts and currently have two more under construction. It’s been a period of positive growth for Moonen Yachts’ legacy, proving our commitment was more than just a business investment. We like to say to our clients “love the space you’re in”, which is exactly what you get with a Moonen yacht.
Could you share some of the most significant milestones you’ve reached since taking over?
Matthew Baxter: Achieving stability was the most significant milestone. Moonen had faced financial challenges before our acquisition, including periods of receivership. Convincing clients to trust us – to commit significant deposits – was crucial. For example, we have taken an industry leading position by offering a two-year warranty period. This confidence building approach and our personal commitment has been game-changing for the shipyard.
Louise Baxter: We’ve also majorly modernised the shipyard by investing in infrastructure and new technology. Everything from CNC machines to updated facilities has been refreshed, enabling our artisans to work with the best tools available. This rejuvenation has empowered our staff and fostered an environment where excellence thrives.
Matthew Baxter: The investment in technology has enabled us to increase our capabilities. We’ve had up to six yachts in various stages of construction in the past year, more than at any other time in the businesses history, demonstrating the investment has really come into fruition.
How did Moonen navigate the challenges posed by the pandemic, and what impact did it have on the superyacht industry?
Matthew Baxter: Interestingly, as we saw across the industry the superyacht market surged during the pandemic. This was unexpected but logical when you consider that high-net-worth individuals sought exclusive means to travel and unwind. Although Moonen isn’t a mass producer, we leveraged our nimbleness and strong team spirit to stay active during this period.
Louise Baxter: One significant challenge was sourcing materials. Supply chain disruptions led us to take some unusual opportunities, such as purchasing an entire teak tree to ensure continuity. Our hands-on approach and quick decision-making were essential in overcoming these obstacles. One of the biggest impacts that is still felt is the impact of inflation on costs. The overall build cost is significantly higher today than it was prior to the pandemic, which has had a knock-on impact for customers.
Moonen recently partnered with IYC. What value does this partnership bring to both brands?
Matthew Baxter: The value here is in the relationship. We’re not marketeers by nature – our focus is on building the highest quality yachts. We recognised that as a small shipyard we have had difficulty in covering the global market, we simply didn’t have enough representation and exposure in key market locations.
IYC’s involvement has increased our exposure, especially in the American market, where we’re seeing significant interest. This partnership enables us to stay true to our brand while reaching new audiences.
We were first introduced to Matt Stone and Richard Grey in 2023 and they were interested in what we have to offer as a shipyard with a personalised service and extremely high build quality. We liked their energy and style and it felt like a good fit to join forces. They had a great insight into the broader market and great expertise and brokerage perspective.
Matt Stone: From a broker’s perspective, partnering with Moonen has been an excellent step forward. We’ve brought our extensive brokerage expertise to the table, enabling Moonen to focus on what they do best: building exceptional yachts. We have over 30 brokers with a diverse range of experience, from 30-metre new-builds to 80-metre projects, and we’re using this to position Moonen effectively within the market.
Richard Gray: Exactly. The collaboration allows Moonen to leverage our global reach and marketing acumen, which the shipyard historically lacked. This partnership means we can represent Moonen not just in sales but as the global face of the brand. We even operate with Moonen email addresses and integrate IYC’s support services, like yacht management, which gives clients a seamless experience from acquisition through after-sales.
You have just unveiled a teaser of your new 40-metre model, can you share a bit of the story behind this development?
Matthew Baxter: We are proud to introduce our latest creation – the 133 Mallorca. At 40 metres, she is nothing short of stunning. This project marks an exciting new chapter.
To ensure everything was in order, we even received confirmation this morning that the name has passed trademark checks with a Dutch attorney. René van der Velden, Moonen’s long-term yacht designer, provided the concept. Louise has been deeply involved in the interior design, collaborating extensively with the talented team at Vripack. Their attention to detail and ability to truly listen has made them an outstanding partner. While many claim an interest in a 40-metre yacht, few come close to what we’ve achieved here. This project is unique, crafted with care and meticulous attention to detail over the past twelve months.
The 133 Mallorca is currently being offered to select and discerning clients for the opportunity to be the first buyer of this exclusive model. The 133 Mallorca will only be built to order yacht. Delivery in Spring 2027 is possible.
Louise Baxter: The Mallorca’s profile exudes sophistication, evoking a sense of familiarity with a modern twist – a nod to our brand’s distinctive DNA. Initial renderings and interior previews are available for review by interested clients. Importantly, our design allows the yacht to pass beneath Dutch bridges without modifications, aside from the flybridge, which will be added later.
Richard Gray: This vessel promises to capture significant attention, reflecting the storied excellence of Dutch shipbuilding. Feedback from seasoned yacht owners, who have noted the stability of Dutch designs compared to other builds, further highlights our commitment to quality. Unlike some counterparts, which are known to roll, the Mallorca stands as a testament to sturdy, well-engineered design.
How do you balance Moonen’s heritage with the need for innovation?
Matthew Baxter: Preserving Moonen’s DNA is paramount. The hallmark of a Moonen yacht is its quality – a commitment we’re not willing to compromise. We stay loyal to our size range of 34 to 40 metres, ensuring our yachts maintain their recognisable elegance. Our strategy has been to evolve without losing sight of the craftsmanship and identity that Moonen is known for.
Louise Baxter: We’re open to change, especially when it comes to embracing new technologies. However, as a smaller shipyard, we can’t afford to pioneer unproven methods. Instead, we adopt tested innovations that align with our standards, ensuring reliability while adapting to client preferences, particularly in expanding our reach to the American market.
What drives your passion for owning and running Moonen?
Matthew Baxter:
Moonen was more than just another business acquisition for us; it became a passion project. We’re used to turning companies around, but this was different. The satisfaction we get from building something as beautiful and unique as a Moonen yacht is incomparable. It’s about quality, not quantity – we want Moonen to remain a boutique shipyard known for unmatched craftsmanship.
Louise Baxter: The relationships we build with clients are another highlight. Every handover is a moment of immense pride. These connections often turn into lasting friendships, reflecting the family spirit at Moonen. Seeing clients’ joy and knowing we’ve played a part in fulfilling their dream is priceless.
What can you tell us about future plans for Moonen?
Matthew Baxter: We’re excited to announce the development of a new 40-metre model called the 133 Mallorca. It embodies
Moonen’s timeless elegance with a modern twist. Designed with our longstanding design partner, we’re confident it will capture the attention of both loyal and new clients.
Louise Baxter: We’re also keen to sustain our strategic partnerships, like the one with IYC, which has broadened our international exposure and client reach, particularly in the US. This partnership aligns with our vision of staying true to our roots while looking ahead with a progressive mindset.
Any final reflections on your journey so far?
Matthew Baxter: Owning Moonen Yachts has been an extraordinary journey. It’s rewarding to see how far we’ve come since 2019. Despite the challenges, we’ve not only stabilised but expanded the brand’s reputation for excellence. Each yacht launched is a testament to the hard work and dedication of our team.
Louise Baxter: The sense of family and shared purpose with our staff and clients makes all the effort worthwhile. We’re more than just yacht builders – we’re stewards of a legacy, ensuring every Moonen yacht is a masterpiece that lives up to its storied name.