A US investment firm has acquired a controlling interest in the UK’s largest luxury boat builder Princess Yachts for an undisclosed sum.
The Devon-based manufacturer has reached an agreement with KPS Capital Partners, a former backer of golf equipment maker TaylorMade.
Completion of the transaction is expected in the first quarter of this year, subject to customary closing conditions and approvals, with existing Princess Yachts stockholders to retain ownership in the company.
Princess Yachts sells yachts to a global network of independent distributors, employing around 3,200 staff and operating five manufacturing facilities in Plymouth.
Chief executive Antony Sheriff said both parties were “deeply committed” to investing in the company's future and adding to its range of yachts.
Mr Sheriff said: “With a current order book nearing a record $1bn (£820.2m) and many model lines sold into 2025, we have never been in a stronger commercial position.
“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 of KPS mid-cap investments, added: "We are excited to make this significant investment in Princess Yachts, a leading company in the luxury global yachting industry with an iconic brand grounded in British tradition, a remarkable and growing product range and worldwide reputation for quality and innovation.”
In its most recent full-year financial report Princess Yachts almost halved its losses during 2021 to £19.2m. During the period revenue of £312.4m sailed past the previous year’s total of £244.4m, despite “significant headwinds” for production such as the Covid-19 “pingdemic”.
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