The future of German boat builder Bavaria Yachtbau has been secured following its acquisition for an undisclosed sum by a private equity fund
Bavaria Yachtbau went into self administration in April following the refusal of its backers to continue funding the business, causing a cash flow shortage that threatened to halt production and put up to 800 jobs in jeopardy.
The private equity fund, CMP Capital Management-Partners, has bought the entire Bavaria business including its French subsidiary Bavaria Catamarans S.A.S. All 550 employees of Bavaria Yachtbau in Giebelstadt and all 250 employees of Bavaria Catamarans in Rochefort will transfer to the purchaser.
The announcement came on the second day of the Southampton Boat Show, giving UK dealers Clipper Marine the chance to reassure existing and potential Bavaria customers that its business as usual for the popular range of sail and motor boats.
The purchase is subject to merger control clearance by the German Federal Cartel Office, but formal approval is expected in a couple of weeks.
Restructuring expert Dr. Tobias Brinkmann, Managing Director of Bavaria Yachtbau since insolvency proceedings began in April 2018, commented: “Bavaria is an outstanding company with a strong brand, compelling products and a highly dedicated team. We are pleased to have found a well-known and experienced buyer”.
CMP, which specialises in the acquisition of German companies in distress, will assume operative management responsibilities on site. Dr. Ralph Kudla, restructuring expert and partner at CMP, will join the executive board of Bavaria Yachtbau.
Kai Brandes, Managing Director of CMP Capital Management-Partners said: “We are convinced of Bavaria’s global market potential and will sustainably develop the company. The restructuring measures will focus on regaining market share and improving production costs.”