American Magic Co-Founder acquires ROCKWOOL Racing SailGP Team
Sports investor and American Magic Co-Founder Doug DeVos has acquired the ROCKWOOL Racing SailGP Team in a US $60 million transaction, marking a major new chapter for the Danish team in the global sail racing championship.
SailGP is an annual, global sports league featuring inshore racing in harbours around the world, and culminates with a $1 million winner-takes-all match race. Rival national teams race in identical, supercharged F50 catamarans, engineered for intense racing at speeds that exceed 50 knots (nearly 60 mph/100 kph). ROCKWOOL Racing is the ‘Fastest Team on Water’, having set the all-time SailGP speed record of 103.93km/h at the Germany Sail Grand Prix in Sassnitz during the 2025 Season. In 2025, ROCKWOOL Racing finished seventh overall – closing the year with a breakthrough event win in Abu Dhabi.
The team – led by Danish driver Nicolai Sehested – will transition into American Magic’s broader performance eco-system, with a focus on elite performance and talent development. Earlier this year, SailGP launched its first long-term training base at the state-of-the-art American Magic Performance and Innovation Center in Pensacola, Florida, as part of the wider agreement between the two organisations.
Mirella Vitale, Executive Vice President, Marketing, Communication and Public Affairs at ROCKWOOL Group, said:
“We’re really excited about this new era of ROCKWOOL Racing, and guaranteeing a Danish entry on the SailGP start line for the long-term. We truly believe that Doug and American Magic are the perfect partners to take it to the next level, and accelerate our ambition of winning SailGP.
“Having built the Danish franchise from scratch to a record valuation over the past five years, this partnership allows ROCKWOOL to do what we do best, supporting the project with global marketing activation, brand building, and top-tier customer hospitality, while American Magic brings its world-class leadership, performance capabilities, and technical excellence to team operations.”
American Magic Services (AMS) applies America’s Cup engineering expertise to racing and commercial projects from the American Magic High Performance Center (AMHPC) at the Port of Pensacola. Serving as the engineering and manufacturing hub within American Magic’s permanent home for elite sailing and innovation, AMS delivers advanced technical solutions across marine, aerospace, and other high-performance engineering sectors.
This latest acquisition, led by DeVos, will bring together SailGP, ROCKWOOL, and American Magic through a shared ambition to accelerate on-water performance and bolster the next generation of professional racing talent.
American Magic was supported on this acquisition by Miller Johnson and IKON Capital, the sports-focused investment and advisory platform, which also joins as a co-investor in the team.
DeVos commented:
“This is an exciting time for American Magic. Partnering with SailGP and ROCKWOOL Racing brings together three organizations committed to high performance. SailGP has reshaped the sport through global competition, innovation, and fan engagement, and ROCKWOOL Racing is already a high-performing team with a strong foundation.
“Together, we see a clear opportunity to build a winning team, deliver results on and off the water, advance elite talent, and inspire the next generation of sailors, designers, and boat builders.”
American Magic will own and operate the team, with ROCKWOOL continuing as Title Partner until 2032 – a landmark extension announced last year, making the world leader in stone wool building materials the longest-standing team partner in SailGP. ROCKWOOL will remain central to the team’s identity and long-term vision, supporting performance, innovation, and global brand growth within the championship. The team will continue to represent Denmark and will feature a minimum of three Danish athletes when fully crewed, in line with SailGP nationality rules.
Mike Cazer, Chief Executive Officer of American Magic, added:
“This acquisition transforms a passion-driven project into a return-delivering, strategic investment in a fast-growing sport. We look forward to building the team’s high-performance platform, helping it compete at the front of the fleet, and adding value to the league. Success, for us, means developing a winning team in ROCKWOOL Racing, strengthening SailGP, and delivering for our title sponsor – ROCKWOOL.”
Sir Russell Coutts, SailGP CEO and co-founder, concluded:
"The announcement marks a significant moment for SailGP – and the start of a bold new era for ROCKWOOL Racing.
“American Magic are world-class operators, equipped to compete at the very highest levels of our sport. Together with the shared commitment and mission of ROCKWOOL, this new team ownership has the foundations for sustained performance, innovation, and growth for many years to come.”
Image: From left: Mike Cazer, CEO, American Magic; Nicolai Sehested, Driver, ROCKWOOL Racing SailGP Team; Terry Hutchinson, President of Sailing Operations, American Magic.
Image © American Magic