Last updated on May 9th, 2024 at 04:27 pm
After a period beset with supply chain issues, licensing delays and getting equipment delivered to customers, Fanatec have dismissed CEO Thomas Jackermeier.
Jakermeier began the business back in 1997, with the first wheel released in 1998, and parent company Endor AG named after the planet in Return of the Jedi. He also holds around 50% of the shares in Endor after the company went public in June 2006.
In a statement, the company announced that “the supervisory board of Endor AG has decided on the dismissal of CEO Thomas Jackermeier, effective at the end of March 30, 2024, thereby fulfilling a key condition set by the lending banks for the extension of the standstill agreement until June 30, 2024.”
A standstill agreement is a voluntary arrangement between companies or other parties to effectively pause the time limitations on claims and other procedures. So creditors may decide not to take action collecting or enforcing their debts, for example.
That appears to be the case with Fanatec in ‘negotiations with lending banks regarding a standstill agreement until June 30, 2024 with regard to the existing loans.’
The most recent revenue and earnings guidance revealed a lower forecase for 2023 as incomplete orders were largely transferred to this year, when it’s predicted Endor will return to profitability following restructuring costs, reduction in the cost of logistics, materials and operations, and other factors including previously delayed Sony product licenses. And a relocation to new headquarters in Landshut is expected to take place in May 2024, but construction has cost more than originally planned. The new building was particularly financed by banks to the tune of €20 million plus equity and subsidies, but the cost required subsequent financing of around €5.508.5 million more to be negotiated.
Fanatec estimate a market share of around 23% (Thrustmaster 28%, Logitech 23%, Moza 4%), with growth particularly among new customers. Along with product launches and delivers moving to 2024, they’ve also announced plans to introduce cockpits to their range this year, which should be interesting.
In the short term, plans are unlikely to drastically change. But it’ll be interesting to see what areas a new CEO might choose to focus on, and how things might change for what started as a small sim racing business and has grown into a a company predicting revenue of between €115 to €125 million this year.
Check out all our coverage of the Fanatec range of sim racing wheels and pedals, here, along with everything related to the company. And all the latest Sim Racing Industry News, here.
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