Princess Yachts Sold

The acquisition of Plymouth, UK-based Princess Yachts (Holdings) Ltd by US private equity firm KPS Capital Partners is now complete and a new UK-registered owning company has been formed.

Mayflower Bidco Ltd now controls 75% or more of Princess Yachts’ shares and voting rights, according to the UK business register Companies House. Mayflower Bidco was set up with the help of London-based TMF Group, which provides governance and critical administrative services that allow clients to invest and operate safely around the world. These include legal, financial and employee administration. TMF operates a global technology platform that helps clients control their investment portfolios across various global locations.

When the deal was originally announced in February, it was stated that the investment would “accelerate company growth and innovation.” It was also said that existing shareholders will retain ownership in the company.

Previously, Princess Yachts was bought by L Capital 2 FCPR, an investment group co-sponsored by LVMH (Moët Hennessy-Louis Vuitton) and Groupe Arnault. The transaction came at a time when the UK brand needed to expand its building facilities to cope with its order book valued at around $1bn.

Princess Yachts is working to construct the new build facility at its South Yard site in Plymouth which, according to information provided previously, will represent an investment of over £20m and take three or so years to become fully operational.

The company already employs some 3,200 in Plymouth and with the success of its product development program, especially the large ‘X’, ‘S’ and ‘Y’ series of models, this number is likely to increase. Some 85% of any Princess yacht model is made in or near Plymouth.

Currently, the largest model built by Princess Yachts is the X95, but IBI is aware of plans for larger models with design work on such yachts already in progress.