princess yachts bought out

By SuperyachtNews 14 Feb 2023

Princess Yachts sold to US investor

Britain’s largest luxury yacht builder has been bought by a us-based private equity firm  ….

Plymouth-based Princess Yachts , the UK's largest luxury boatbuilder, has been sold to KPS Capital Partners, a US-based private equity firm. L Catterton, the previous private equity owner, put Princess up for sale in 2022 and reportedly hired bankers at Macquarie to find a buyer. In February 2023, Princess confirmed that KPS had entered into a definitive agreement to acquire a controlling equity interest in the business.

KPS is a New York-based private equity giant with approximately $14.4 billion of capital under management, as of September 2022. It makes controlling equity investments in manufacturing companies in North America and Europe. In 2019, KPS acquired the fitness equipment business of Brunswick Corporation, including the Life Fitness brand, for $490 million in cash.

Existing shareholders will retain ownership in Princess, with the transaction expected to be completed in the first quarter of 2023. Princess had previously announced expansion plans in the South West region of the UK, as part of the successful bid by Plymouth city council to create a freeport. The company believes that the new investment from KPS will help support these plans and reinforce the unique national and international marine capabilities that reside in Plymouth and the wider region.

The Princess business was founded in 1965 and distributes through a 50-strong global network. It had been backed by L Catterton and its predecessor entity since 2008. KPS's investment in Princess will accelerate the company's growth trajectory and fund numerous investments for its future. Ryan Harrison, a partner of KPS Mid-Cap Investments, says, "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 the British tradition, a remarkable and growing product range, and world-wide reputation for quality and innovation."

Antony Sheriff, Princess Yachts' chief executive, adds, "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. 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."

The partnership with KPS gives Princess Yachts access to KPS's manufacturing expertise and its experience investing in leading brands. This is expected to help Princess accelerate a range of growth and operational initiatives to build upon its long and successful history. KPS's investment in Princess Yachts is a testament to the company's strength, quality, and innovation in the luxury yacht industry. It also reflects the growing confidence in the superyacht market, as seen by the increasing number of investments in this sector.

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Princess Yachts sold to US-based KPS group

This definitive agreement will lead KPS Capital Partners to acquire a controlling equity interest in the historic company which, founded in 1965, has been owned by the private equity group L Catterto since 2002. The deal is expected to be completed in the first quarter of 2023 and will see existing shareholders retain ownership of the company.

The announcement comes after the company unveiled its expansion plans just last year, which also include the construction of a new facility in Devonport; an absolutely strategic operation then, as Princess itself confirms: “ it iwll help support these plans and reinforce the unique national and international marine capabilities that reside in Plymouth and the wider SouthWest region”.

KPS’ investment will accelerate Princess’ growth trajectory and fund numerous investments for its future. We look forward to working with Princess’ existing stockholders, Chief Executive Officer, Antony Sheriff, the senior leadership team, and the talented employee base at Princess Yachts”.

Antony Sheriff, Chief Executive Officer of Princess Yachts, adds: “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.

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. 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. Under KPS’ ownership, we will accelerate a range of growth and operational initiatives to build upon our long and successful history.”

It goes without saying that, at a time in history marked by great uncertainty, this acquisition lays a solid foundation for the future of Princess Yachts, which will be able to quickly return to meeting the needs of its customers from around the world.

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Kps capital partners completes acquisition of the controlling ownership of princess yachts.

About KPS Capital Partners

KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $21.4 billion of assets under management (as of December 31, 2023).  For nearly three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing.  KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies generate aggregate annual revenues of approximately $20.3 billion, operate 222 manufacturing facilities in 26 countries, and have approximately 48,000 employees, directly and through joint ventures worldwide (as of December 31, 2023). The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.

KPS Mid-Cap focuses on investments in the lower end of the middle market that require up to $200 million of initial equity capital. KPS Mid-Cap targets the same type of investment opportunities and utilizes the same investment strategy that KPS’ flagship funds have for nearly three decades. KPS Mid-Cap leverages and benefits from KPS’ global platform, reputation, track record, infrastructure, best practices, knowledge and experience. The KPS Mid-Cap investment team is managed by Partners Pierre de Villeméjane and Ryan Harrison, who lead a team of experienced and talented professionals.

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Plymouth's Princess Yachts likely to be sold to US private equity giant

A deal to sell the UK's largest luxury boat maker could be struck as soon as this week

• 12:56, 13 FEB 2023

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Speculation is mounting that Plymouth-based luxury boat-builder Princess Yachts is about to be sold to a US private equity business. The company has told PlymouthLive that it is unable to comment at this point but it is understood a deal could be struck this week.

In May 2022, PlymouthLive reported that Princess Yachts’ private equity owner L Catterton had hired bankers to find a buyer . Now it seems US private equity investor KPS Capital Partners is in the frame to acquire the UK’s largest luxury boat maker.

For more than 30 years, KPS has been acquiring manufacturing businesses in sectors producing such as branded consumer goods, healthcare and luxury products, automotive parts, capital equipment and in general manufacturing. The New York-headquartered business has about UD$14.1bn of assets under management.

KPS’ portfolio of companies generates total annual revenues of about US$22bn, operates 232 manufacturing facilities in 27 countries and combined have about 53,000 employees. KPS said it creates value “almost exclusively through operational and performance improvement”. It bought Tiger Woods-backed TaylorMade Golf from Adidas in 2017 for US$425m and sold it four years later to South Korean private equity firm Centroid Investment Partners for US$1.7bn.

In 2008 Princess Yachts was acquired by L Capital 2 FCPR, an investment group co-sponsored by LVMH (Moët Hennessy Louis Vuitton) and Groupe Arnault. In January 2016, L Capital merged with Catterton to become L Catterton, now recognised as the largest global consumer-focused investment firm.

Last year, there was intense speculation that L Catterton had hired bankers at Macquarie to find a buyer for the Plymouth manufacturer. At the time, Princess Yachts told PlymouthLive it was looking to start discussions with potential investors. It said this was to provide financial support needed to build a huge new factory at its Devonport operation. In late 2021, PlymouthLive revealed Princess Yachts wants to build another factory in Plymouth’s freeport area in the South Yard so it can produce more vessels, employ more people and fulfil a US$1bn order book. The company was also undergoing a sales boost, now selling more than 300 boats annually.

Princess Yachts has just returned from Europe’s largest boat show Boot Düsseldorf , in Germany, It used the show to debut its new S72 vessel and also showed off seven vessels at the eight-day show, including the X80, F65, Y85, V40, F45 and S62.

In 2022 Princess Yachts said it was embarking on a three-year plan to launch lots of new models as its order book remained packed and its factory unable to take on any new work until 2024. The Stonehouse-headquartered company said it will be further investing in new products and has “bold plans” to increase capacity, having already announced it wants to build a new plant at Devonport.

In December, the company entertained potential customers in Plymouth when they showed off the new £12m Y95. Potential customers flew in from the USA, Middle East, Asia and across Europe to tour the vessel while it was moored at the Royal William Yard’s marina.

At 95 feet in length the boat is just short of superyacht status. The first Y95, known in the industry as “slot 1”, was moored at the marina prior to being collected by its new owner and transported to Asia on a cargo ship. Princess Yachts took the opportunity to show it off to invited guests - and received orders for more Y95s.

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British luxury yacht-builder Princess sets sail to find new owners

The appointment of bankers to find a buyer for Princess Yachts comes after some of the world's most valuable vessels were seized by authorities enforcing Russian sanctions, Sky News learns.

City editor @MarkKleinmanSky

Friday 27 May 2022 14:05, UK

Britain's biggest luxury yacht-builder is being put up for sale even as a string of the world's most valuable private vessels are being seized by governments clamping down on their sanctioned Russian owners.

Sky News has learnt that L Catterton, the private equity group, has hired bankers at Macquarie to find a buyer for Plymouth-based Princess Yachts .

A formal process is yet to get under way but is expected in the coming months, according to City sources.

Princess's valuation was unclear on Friday, although one insider indicated that it was unlikely to represent one of L Catterton's most successful exits.

The business was founded in 1965, and distributes through a 50-strong global network.

It has been backed by L Catterton and its predecessor entity since 2008, making it a lengthy period of ownership by the standards of private equity backers.

Princess's boats have become symbols of luxury among the world's super-rich, although in recent months a number of yachts have been seized by authorities around the world as they seek to prevent sanctioned Russians from retaining their most prized assets.

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During the pandemic, it negotiated a cash injection from its controlling shareholder as well as a refinancing of its debt.

L Catterton was formed in 2016 from a partnership involving LVMH - the luxury goods manufacturer which is in the process of acquiring Tiffany - and Bernard Arnault, the tycoon who heads the French conglomerate and ranks among the world's wealthiest people.

Spokespeople for L Catterton and Macquarie both declined to comment.

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Arnault to acquire Princess Yachts

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French billionaire Bernard Arnault is poised to buy Princess Yachts, one of Britain’s oldest and largest luxury motorboat manufacturers, for an estimated £200m, reports the Daily Telegraph. A consortium comprising Arnault’s investment vehicle, Groupe Arnault, and LVMH, the luxury goods company he runs, have been in advanced discussions to buy the business for several weeks. South African billionaire Graham Beck – whose business interests span coal mining, wine making and bloodstock – appointed advisers at Cavendish corporate finance last year to find a buyer for the company.

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Plymouth's Princess Yachts reveals record billion dollar order book

UK's largest luxury boat builder says it is selling yachts faster than it can make them as it recovers strongly from Covid hit 2020

• 11:21, 1 OCT 2021

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The UK’s largest luxury boat builder Princess Yachts has revealed a US$1bn order book and said production is struggling to keep up with demand.

The Plymouth manufacturer’s financial update has revealed a “record-setting commercial performance” with sales rate surpassing production rate, driving record low distributor stock levels.

It said almost all production through to the end of 2022 and more than 60% of 2023 production is already covered by orders. This year it has already sold 20 of its flagship Superfly X95 and has 57 orders for the new Y72 model which launched this summer.

More about Princess Yachts

The company is now poised for further growth with the new Y95, X80,and V50 already in production, as well as five further new model launches by the end of 2022.

And, despite being in a Covid-19 recovery phase, intensive recruitment continues with increased investment in skills training and award-winning apprenticeship programmes.

The firm, which employs about 3,200 people in Plymouth, said it has faced challenges from the Covid-19 pandemic and the ongoing supply chain issues affecting the UK. Turnover and profits dipped in 2020 as the company was affected by a temporary Covid-related closure.

But it has bounced back strongly and despite ongoing challenges retail sales have grown to the highest levels in the history of the company, with an order book exceeding US$bn.

With record low distributor stock levels globally - equivalent to one to two weeks of stock - and production almost completely covered by orders into the second half of 2023, the company said it is in a unique commercial position.

Antony Sheriff, Princess Yachts executive chairman and chief executive, said: “As expected, in a Covid-19 year when we stood down our 3,200 strong team for Q2 2020, turnover reduced to £244m from 2019’s full year turnover of £314m.

“The combination of our unique vertically integrated manufacturing process, the investment required to make it Covid-19 compliant and our decision to not cut new product development or make staff redundant resulted in an understandable drop in profits during 2020.

“However, these decisions have put us in an excellent position during 2021 and onwards. Although Covid-19 continues to bring interruptions in the supply chain and government mandated self-isolation of staff, we significantly improved financial performance in 2021 compared to 2019 and 2020 and we expect even stronger results in 2022 .”

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He added: “We continue to move forwards with an ambitious new product launch plan and innovative new ways to engage with our customers . The company now has a retail order book worth over US$1bn with the sales success of new models such as the X95, X80 and Y72 exceeding expectations. We have had over 20 orders for the X95, and 57 orders for the new Y72 model, the majority of these orders received off plan. All production slots are now filled for 2021, over 95% of 2022 production and over 60% of 2023 production is covered by orders.”

A return to many of the global boat shows this calendar year saw Princess Yachts attend Palm Beach International Yacht Show in March 2021; Cannes Yachting Festival 2021; Southampton International Boat Show 2021; with plans being finalised for the Fort Lauderdale Boat Show in October 2021 and the much-anticipated return to Boot Düsseldorf in January 2022.

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Jefferies CEO sold $65 million in stock to buy a yacht from a client

• Jefferies CEO Rich Handler sold $65 million in company stock to buy a luxury yacht.
• He's said to be buying a Westport 164 from his friend Tilman Fertitta, a Jefferies client.
• Handler said on Wednesday that he wasn't planning any more stock sales.

Jefferies CEO Rich Handler sold $65 million of his stock in the company to buy himself a gift — a luxury yacht.

Handler sold 1.5 million shares , or 7% of his holdings, to purchase a "personal boat and to pay tax obligations," the investment bank said in a Wednesday statement.

"My sale of shares today was a gift to myself and my family, and I do not intend to sell any further shares," Handler said in the statement. "I remain extremely bullish on Jefferies."

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A source told the Financial Times the boat was a Westport 164 yacht and was being purchased from Handler's longtime friend Tilman Fertitta, a Jefferies client.

Fertitta is the billionaire CEO of the hospitality company Landry's and owns the Houston Rockets, an NBA team. The two men jointly own Landcadia Holdings, a blank-check company.

Jefferies said in the statement that Handler, who's been with the bank since 1990, had received about 70% of his pay in the form of company shares. The bank said he'd previously sold shares only for tax purposes and charity.

Jefferies didn't immediately respond to a request for comment from Business Insider.

Investors often view executives' stock sales as signaling a lack of company confidence, so any sales are carefully messaged.

In October, JPMorgan Chase CEO Jamie Dimon said he would sell 1 million of his 8.6 million shares, his first sale since becoming CEO in 2006. The filing announcing the planned sale said that Dimon chose to sell the stocks "for financial diversification and tax-planning purposes" and that he "continues to believe the company's prospects are very strong."

Dimon sold the first of the sets of shares in February for $150 million and sold the remainder earlier this month, pocketing $183 million in total proceeds.

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Princess 440 refit: My £46k boat makeover was worth every penny

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After buying a cut-price 1995 Princess 440 sight unseen, Bryan Williamson spent the money he’d saved on refitting it exactly how he wanted it…

Jacqueline and I have always been into boating. We both grew up in Jersey and still live here today so the sea is in our blood.

As soon as our two children were old enough to walk we bought a second-hand Princess 30DS and over the next 12 years we gradually traded up – firstly to a Fairline Corniche 31 , then a Phantom 38 and eventually a Phantom 46.

Cruising as a family around the Channel Islands, France and the south coast of England was the perfect holiday for the four of us and we have so many happy memories of those times.

However, in 2008 a health scare in the family meant we couldn’t use the boat as often as we used to. We sold the Phantom in 2010 and for the next 10 years remained boatless.

Perhaps it was the onset of lockdown in 2020 or simply the fact that our grown-up children still liked the idea of coming boating with us, but 18 months ago I started to feel that familiar urge to get out on the water again. After a 10-year hiatus it was time to buy another boat.

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Initially, I started searching for another Fairline Phantom 46 but it soon became apparent that I wasn’t going to find one within my notional budget of £100,000.

I started looking around to see what other three-cabin flybridge boats I might be able to buy instead and in March 2021 I chanced across a 1995 Princess 440 for sale in Plymouth advertised at £115,000.

It looked pretty good in the photos and by happy coincidence was called Claire , our daughter’s name, so we felt this one was beckoning to us even though the description said it needed some updating.

At first sight the exterior of Claire didn’t look too bad for a 1995 boat but the interior told a different story. It would take a full refit to bring her back to the condition Bryan was looking for

Secondhand boats were in hot demand at the time due to overseas travel restrictions and I knew I had to move fast to avoid losing out so I put in a cheeky offer of £80,000 subject to viewing it in the flesh. Even so, I was rather surprised when the offer was accepted.

Covid restrictions meant I had a brief window to get from Jersey to Plymouth and back again so I booked myself onto an overnight ferry returning that same day.

When I did get to the boat, my heart sank. It had been used as a liveaboard for the last nine years and the constant wear and tear had taken a heavy toll.

The original leather helm chairs were badly worn

The interior linings were sagging and coming away from the bulkheads and ceiling, the leather sofas in the saloon looked tired and shapeless, the helm seat was so worn the leather had split, the cockpit and flybridge cushions were a write-off and the teak and gelcoat were covered in grime.

I normally wipe my feet before I get on a boat – after viewing this one I felt like I needed to wipe my feet when I disembarked!

Despite her shabby appearance, mechanically the boat seemed pretty sound. The engines had only covered 240 hours in the last nine years, it came with a fair bit of paperwork and the engine room itself looked reasonably tidy.

The saloon sofas looked tired and dated

I could see it had potential. If the hull and engines proved to be in respectable condition, we could always sort out the rest of it with a comprehensive refit.

I already had £20,000 left from my £100,000 budget so if I could chip a bit more off the purchase price and supplement my original budget with a bit of contingency money, that would leave me around £30-£40k to spend on a refit. I revised my offer to £70,000 and waited to see what the seller would say.

Perhaps not surprisingly, he refused my revised offer on the basis that he’d already taken a £35,000 hit on the asking price.

Sagging linings and faded curtains added to the shabby appearance

Knowing how hard it would be to find another suitable boat (I’d already spoken to three other brokers all of whom had nothing on their books), I agreed to stick with my original £80,000 offer subject to survey and sea trial.

The survey didn’t reveal anything we didn’t already know but did confirm that the hull was as solid and sound as I’d hoped.

The sea trial was a bit more eventful as the port engine cut out, but thankfully it was just a bad case of fuel bug rather than anything seriously wrong with the engine.  To his credit the owner agreed to cover the cost of polishing the fuel and changing all the filters. A few days later the boat was finally mine.

Counting the cost

At that point we could have brought the boat straight back to Jersey with a view to refitting it there but given that Plymouth is the home of Princess Yachts and teeming with related marine businesses, we thought we might as well get the refit done there.

I invited four companies to tender for the work. The brief was for a full interior refurbishment of all three cabins, both bathrooms, the saloon, galley, helm seats and companionway as well as the cockpit and flybridge upholstery.

The quotes ranged from £38,000 to £46,000. Ironically, SETAG Yachts’ was the most expensive but the way they presented it gave me confidence that they’d do the best job of it.

The hull and sterngear were sound enough but needed a good service, replacement anodes and a new coat of antifoul

They sent us drawings of what it would look like, explained the whole process in detail and committed to a timescale of just 3-4 weeks. I’m sure the other companies we spoke to would have done a good job too but the professionalism of SETAG Yachts’ approach meant we felt more comfortable going with them.

True to their word they maintained the same level of customer service and communication right the way through the process. Even before we’d started they came back with a series of mood boards to determine the kind of style and colour scheme we were looking for.

Some we liked, some we didn’t but it was a really good way of envisaging what the end result would look like. Jacqui really enjoyed the process, picking out colours, fabrics and leathers that would give our finished boat a more personal touch.

New carpets, curtains, linings and fully re-upholstered sofas transform the saloon

With their designer’s help we ended up opting for a textured fabric with a vertical weave for the bulkheads that gives the boat a more contemporary feel than the usual tan-coloured faux leather finishes.

The refit begins

Once we’d decided on the colour scheme we let them get on with it, returning just once mid-way through the refit to check on progress. Even then we didn’t go on board as we didn’t want to spoil the surprise of seeing it fully transformed for the first time.

Inevitably, there were one or two things that didn’t go exactly to plan or fell outside the scope of the original quote but SETAG were very quick to explain the situation, offer a solution and send us photos of what it looked like.

The galley needed a new hob, fridge and oven but the cabinets are original

For instance there was an issue with the lining around the dashboard that was hiding various holes where old navigation equipment had been removed. They suggested filling in the holes then covering it with a white leather panel to hide the joins at a cost of an extra £900. That aside, the whole job came in on time and on budget.

We treated the servicing of the engines, polishing of the hull and fresh antifouling and anodes as a totally separate job, as they formed part of the annual running costs rather than a one-off refit.

We did get separate quotes for that too but as SETAG came back with a quote a few pounds more than the others we agreed to go with them again.

The big reveal

On the allotted date for the big reveal, we flew over to Exeter, hired a car and drove over to Queen Anne’s Battery to meet Chris Gates at our newly refurbished boat.

We could hardly believe it was the same boat, everything about it looked totally different. The wow factor when we stepped on board for the first time was incredible. It felt like a brand new boat inside but one that had been designed and built just for us.

I am genuinely delighted with how it has turned out. I knew I was taking a risk buying a boat in that condition and inevitably it did end up costing a bit more than I’d originally budgeted for but I’m convinced the end result is better than if I’d spent the same on a secondhand boat in good condition.

Modern fabrics give a much more contemporary feel to this classic 1995 Princess 440

We cruised it back to Jersey in August and spent the rest of the summer getting to know our new boat with trips around the Channel Islands and over to Granville. The engines haven’t missed a beat and we’re now looking forward to our children joining us on board for some more extended cruising next year.

Taking into account the purchase price of the boat, the interior refit and a further £8,000 worth of exterior and mechanical works, the total bill came to around £138,000 but I don’t regret a single penny of it.

It may seem counterintuitive to buy a relatively cheap 26-year-old boat and then spend more than half as much again doing it up but not only have we ended up with a brand new interior that looks and feels far more modern than any 15-year-old boat we might have got for the same money, but it makes financial sense too.

Smart blue leather seats match the colour of the saloon sofas

Since the refit I have had our boat revalued at more than £140,000 but there’s no way I’m going to sell it now that we’ve got our own custom built boat to enjoy for the next few years.

List of works

Starboard cabin

New mattresses, new curtains, new carpet and underlay

Owner’s cabin

Window bands re-cover, new bulkhead material to curves; headboard panel upper re-cover; headboard panel lower re-cover; new mattress (double sprung); lower bunk surround re-cover; new carpet, underlay and binding; new curtains; new speakers; starboard head; mirror replacement

New fridge; new microwave; new hob; inspect and certify gas system; new catches where missing; sand and varnish floor

New wheel lifts the appearance of the lower helm

Replace side linings port and starboard, new curtains; replace upper linings in place of existing ‘ostrich’ material in helm area only; new carpet and underlay; new port sofa; new starboard sofa; helm seats recovered; upholster panels under and on top of helm; two leather panels to replace timber; new drinks fridge

Companionway

External upholstery; bulkhead replacement; headlining replacement

Cockpit and flybridge

New cockpit upholstery; new flybridge upholstery; new teak table; new flybridge helm seat

Hull compound and polish; antifoul; change main anodes; repair minor gel dings

Total cost: £46,000

First published in the April 2022 issue of MBY.

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