The Crest Group LLC parts with Lazzara Yachts

NEW YORK, May 22, 2014 /PRNewswire/ -- Earlier this year, the legendary yacht builder Lazzara Yachts and their sole investor, The Crest Group LLC, dissolved their partnership after years of collaboration and growth. The Crest Group LLC's managing partner, Enrico Scarda said that they have parted due to Lazzara's inability to reach the terms set forth at the beginning of their joint venture.

"Lazzara Yachts and The Crest Group LLC have done many great things these past few years. We have supplied the company with what it has needed to grow into the markets that we saw fit, bringing new models to market like the LSX and LMY 64.  However, the board at The Crest Group LLC believes that Lazzara's inability to come to terms on our investment calls for the withdrawal from the company. With a heavy heart we are parting with a venture we truly enjoyed to work with and we wish nothing but success for the Lazzara family."

Now, many other private equity firms like The Crest Group LLC have realized the potential of companies involved in the boat building industry and are making huge investments in the industry. This separation is only a small crack in the road for Lazzara Yachts as their company has high hopes for the future, and The Crest Group LLC has expressed their dissatisfaction with not being able to be a part of it.

SOURCE The Crest Group LLC