PHOTO COURTESY SAY CARBON YACHTS

German builder SAY Carbon Yachts has filed for insolvency, despite a recent investment in the company.

In a statement, the company said it has faced “lower than expected growth and sales, while the developments and expansion plans still offer a promising future.” The company was formed in 2006 near Lake Constance, Germany, initially focusing on carbon sailboats and RIBs.

In 2014, Karl Wagner invested in SAY and brought in additional investors. Wagner had founded Austria-based Carbo Tech Composites and grew that company in the automotive industry.

SAY Carbon Yachts launched the SAY 42 in 2022, followed by the SAY 52 in 2023. The company also announced three new, the SAY 32, 42 Outboard and 52 Open.

The builder said that the recent slowdown in the boating market resulted in the company generating turnover of $5.04 million. SAY added that it “is exploring opportunities to receive investment from a strategic partner to support sales and expansion efforts.”