The Fairline brand looks set to continue after a new company Fairline Yachts bought the assets out of administration
Princess Yachts bought by US investor KPS Capital Partners
Private equity firm, KPS Capital Partners, is to acquire a controlling equity interest in luxury British yacht builder, Princess Yachts…
While the deal will see existing Princess shareholders retain ownership in the company, it will also enable Princess Yachts to better support its plans to create a freeport in the region.
Princess Yachts’ CEO, Antony Sheriff, said: “We are thrilled to partner with KPS for this exciting new chapter for Princess Yachts.
“KPS and the Princess Yachts team are deeply committed to investing in the company’s future, while continuing to further strengthen our portfolio of best-in-class motor yachts.”
The well established New York-based equity firm, which has a long history in making controlling equity investments in manufacturing and industrial companies, has more than $14.4 billion of assets under its management.
And as Mr Sheriff points out, it is staking a claim in Princess Yachts at a seminal point in its history: “With a current order book nearing a record $1 billion and many model lines sold into 2025, we have never been in a stronger commercial position.
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“Together with KPS’ tremendous track record of manufacturing excellence and investing in leading brands, we are now positioned to take Princess Yachts to the next level of industry leadership in quality and innovation.”
Ryan Harrison, a Partner at KPS Mid-Cap Investments, is equally positive about the deal. He describes Princess Yachts as “an iconic brand grounded in British tradition” with “a remarkable and growing product range and a world-wide reputation for quality and innovation.”
He is also confident that the development will prove a very positive one for Princess Yachts: “KPS’ investment will accelerate Princess’ growth trajectory and fund numerous investments for its future.”
Although the deal remains subject to approval, completion is expected within the first quarter of 2023.
This article Princess Yachts bought by US investor KPS Capital Partners appeared first on Motor Boat & Yachting.
Source: https://www.mby.com/news/princess-yachts-bought-us-investor-kps-capital-partners-125094
