UK manufacturer to be bought by foreign group
Princess Yachts are to be sold to a French/Belgian group.
The motoryacht manufacturer, based in Plymouth on the UK’s South coast, are finalising an agreement with investment group L Capital 2 FCPR.
The group is sponsored by LVMH – Moët Hennessy Louis Vuitton and Groupe Arnault.
The agreement was signed on Friday, 30 May.
L Capital controls more than 70% of the voting rights company and has been supported by its co-investors including the Belgian investment group Cobepa. Calyon Bank provided an element of funding for the transaction.
Princess say they are “delighted to team up with one of the leading investment funds in luxury and aspirational brands, where the strengths built over the last 40 years can be combined with a company which has a track record of growing global brands”.
“L Capital has recognized in Princess one of the leading yacht companies in the world, with a long standing tradition of building modern sophisticated, high quality yachts with excellent sea keeping, under the leadership of a remarkable group of managers,” says Daniel Piette, Chairman of L Capital and member of the Executive Committee of LVMH.
The discussions have been led by David King, Managing Director and founder of Princess, who comments: “This new partnership will bring lots of opportunities for Princess.
“We could not have found a better partner who shares our vision for growth and who will help us develop a stand alone business that benefits from the expertise of its sponsors.”