SYT Exclusive: Bob Denison on how Denison Yachting will duplicate its US success in Europe [In the News]

Bob Denison, President and Founder of Denison Yachting, and Ben Farnborough, Superyacht Director, sat down with SuperYacht Times’ Merijn de Waard and Francesca Webster. The group discussed Denison’s expansion into Europe, their new office in Monaco and how they plan to bring their fresh approach into the European market.

This article was featured on Superyacht Times in October 2021, and was written by Alexander Griffiths.

You’ve recently expanded to this side of the Atlantic with a new office in Monaco. Have you had your eye on Europe for a while now? 

We are proud to be coming over to Europe and to be bringing action and intelligence over from the United States. From a young age I’ve marveled at European vessels coming over to our side of the waters, and we’re excited to bring our way of doing business to Europe and hope that can help change the perception of an American brokerage.

Having a European stamp on the Denison brand is also going to be critical. Not only in terms of perception and reputation but also by being physically and commercially present on this side of the Atlantic. We’ve already got an incredible infrastructure and great people in the States and we believe that with only a little tweaking it’ll be possible to duplicate this success in Europe.

We are a dynamic brand that doesn’t peg itself to a certain category of sales. Our teams are committed to working with every customer so that we are extremely inclusive. As we are digitally led and early adopters of technological advancements, we can offer something to clients that some of the more traditional firms in Europe can’t – our commitment to using tech in creative ways in the States is something that we will bring over to Europe.

I can already predict that your biggest problem will be finding good people to join your team. Why should brokers choose to join Denison in Europe?  

We are a good fit for a broker looking for a youthful forward-thinking firm that can avoid red tape. As we are such a dynamic and agile company, we can perhaps offer something that the larger and slower-moving firms already established here cannot. This is not a critique of their prowess or success, we just believe that there is scope for a more digitally-minded company to take some of the market share. 

Another big thing we can offer is a connection to the biggest market: the United States. As we are firmly established there we can offer this link to our clients along with our very promising transatlantic strategy. 

What is your central goal with your European expansion? 

Our primary focus is on the big boat brokerage business, as well as on new yacht construction, though not with the same focus as we have in the US, where we stock yachts and take care of warranty and services. Alongside this, we will be honing our yacht, crew and charter management so that we can grow these areas in unison with our offices in the States. 

We also want to be ready to welcome the yachts travelling to Europe from the US next summer with people on the ground. We hear time and time again that a big bugbear for those travelling across the Atlantic in our direction is that there aren’t any representatives for yacht management on the ground. This issue will be overcome by us being present in Europe.

You have a very impressive team of yacht brokers with a lot of superyacht experience. Has this been an eye-opener for your competitors? 

We have a team brimming with expertise. Thom Conboy and Chris Collins were two big signings for us and have bolstered our already strong charter team. Thanks to guys like Thom and Chris, our strength in the superyacht sector is growing rapidly. In addition our charter and yacht management teams have expanded over the last few years. You could easily make the argument that we are a great superyacht company, which is hugely bolstered by the strength of the team around us.

How has the last year been for Dension? 

Last year was fantastic for us. We recently received a signature for the Amels 60-metre, which rode on the coattails of our Heesen launch and really solidified the early announcement of Thom and Chris joining the team. These big events really put the stamp on the great success we have been having recently.

We’ve also been having a lot of success in the above 80-foot segment of the market lately and have been working tirelessly to build a strong team of experienced large yacht brokers and to develop the superyacht brokers of tomorrow. We take excellent care of our clients regardless of what they’re looking for and have been very much part of the journey for many owners who have wanted to increase their meterage. The growth of our yacht management, crew and charter activities are all linked to that strategy.

Big boats have always been very much part of our DNA though. Our family used to be one of the leaders of large boat construction back in the 1940s. To date, we have completed more large yacht transactions than any other brokerage since the start of 2019, and we are just about to complete our 200th superyacht transaction.

Do you see that yacht owners are getting younger, especially with the number of tech entrepreneurs taking off and entering the market? 

Around 20 percent of our business comes from first-time yacht owners in the United States. These are clients that are perhaps the third generation or have made their money through tech and startup firms, and who have chartered or sailed small boats before. Twenty percent doesn’t sound a lot, but when you break it down that’s one in five clients signing deals and committing to ownership for the first time. This trend isn’t in Europe yet, but we believe it is just around the corner. 

You are arguably the most forward-thinking brokerage company when it comes to online content production – is the plan to emulate that over here in Europe? 

When I talk about infrastructure and people, our content production is very much part of that. As we are so digitally minded, we have a sharp competitive advantage because our team is always thinking ahead and working hard to ensure that we are at the forefront of the field in regard to technology. We will definitely be capitalising on this and emulate it over here in Europe.

And what is your exit plan? Have MarineMax been banging at the door? 

We will continue to see a lot of consolidation, especially in America and opportunities probably exist like that for many companies. But that really isn’t where we are focused right now, we are consolidating the superyacht part of our business and focusing on the expansion into Europe – it’s still lots of fun for us right now!