princess yachts administration

Luxury boat builder Princess Yachts taken over by US private equity firm

Plymouth-based Princess Yachts said the deal would take the business to the ‘next level’

• 11:25, 14 FEB 2023

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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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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 $21.3 billion of assets under management (as of September 30, 2023, pro forma for the final close of Fund VI and Mid-Cap Fund II). 1   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 $20.4 billion, operate 223 manufacturing facilities in 26 countries, and have approximately 48,000 employees, directly and through joint ventures worldwide (as of September 30, 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 $100 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. 1 Assets under management (“AUM”) or capital under management is comprised of AUM as of September 30, 2023 plus additional uncalled capital commitments as of November 30, 2023.

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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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Princess Yachts bought by US investor KPS Capital Partners

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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 accelerate its expansion and benefit from Plymouth City Council’s 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.

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• Feb 14, 2023

Princess Yachts Purchased by U.S. Investor

Britain's largest yacht manufacturer has been purchased by a U.S. private equity firm.

Princess Yachts , who have been a figurehead in Plymouth, England since their launch in 1965, was made available for purchase by private equity group L Catterton in 2022, who purchased the brand in 2008, and have now been acquired by U.S. based KPS Capital Partners .

The deal will provide KPS with a controlling interest in the company once the agreement is finalized in the first quarter of 2023. Terms of the deal were not disclosed.

In a press release , Ryan Harrison, a Partner of KPS Mid-Cap Investments, said, "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. 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," he added.

Antony Sheriff, Chief Executive Officer of Princess Yachts, also stated, "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."

KPS is based in New York and has an extensive portfolio in manufacturing assets across North America and Europe. The firm currently holds approximately $14.4 billion of capital under their management.

This is not KPS' first foray into marine acquisitions, although their first purchase was only tangential. In 2019, KPS purchased the fitness equipment business owned by Brunswick Corporation , who are the marine industry's largest conglomerate and own such brands as Mercury Marine and Sea Ray, for $490 million. KPS also holds stakes in Briggs & Stratton , the world's largest producer of gasoline engines for outdoor equipment, and Autokiniton Global Group , a major automotive parts supplier.

Princess Yachts, meanwhile, is currently holding a flush order book of over $1.1 billion and recently unveiled a new flagship model - the Princess Y95 . The company experienced record sales over the last two years, taking over 300 orders in 2021 alone and requiring the company to expand manufacturing capability at their shipyard. They currently employ over 3200 people across five different manufacturing facilities around Plymouth, England.

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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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UK refit firm for Princess Yachts in administration

> Subscriber-only , By Neil Eaves 2023-01-04T12:30:00+00:00

Plymouth-based company sells assets to new company owned by the same directors

Following the administration of a Plymouth, UK-based yacht refurbishment company founded by two former Princess Yachts employees, hundreds of thousands of pounds in debt are expected to remain unpaid, reports Plymouth Live .

Yacht Solutions Worldwide was incorporated in April 2018 after Paul Eccles and David Watson left Princess Yachts to start the business, which continued to provide most of the start-up’s work, according to The Plymouth Herald .  The company specialises in yacht retrofitting both domestically and abroad. 

After enduring the Covid epidemic and being hit with a huge tax penalty, Yacht Solutions Worldwide Ltd has been in the control of administrators for more than 18 months, leaving insolvency professionals to comb through more than £500,000 in claims.

Despite the insolvency being prolonged until April 2023, the picture for unsecured creditors already looks dismal, stated The Herald, with administrators stating that it is unlikely there would be enough money to pay them anything.

However, Yacht Solutions Worldwide pre-packaged its business and sold all of its assets to Yacht Solutions Europe Ltd.for £60,000.  Pre-pack arrangements are allowed under UK law, and the administrators said the £60,000 sale, was more than they would have been worth in a going-concern sale or liquidation.  

However, it’s likely that debts will continue to be unpaid. Six unsecured creditors have already submitted claims totalling £184,062, and it’s likely that another 23 will do the same for a total of £69,542 in claims.

The new business operates at Turnchapel Wharf and  will still be led by Eccles and Watson as directors, who acknowledged making errors while leading Yacht Solutions Worldwide.  The directors said they were confident in the new company due to strong contracts with Princess Yachts, but were also seeking to diversify the business. “Our reliance on Princess is reducing.” It also said professional accountancy and financial help had been secured and that, “The demand in the industry is high”.

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Did you know?

From their beginnings in 1965, over 17,000 Princess Yachts have been manufactured. Now, they build an amazing average of 270 yachts a year. This means that every few days another yacht is completed which is incredible!

Over 21 miles of cable go into a 40 M yacht. If you laid the cable along the road, it would take you all the way from Plymouth to Totnes.

In the furniture factory, the team processes 500 sheets of wood a day. The sheets of walnut or oak are produced in Holland and the trees they are taken from are hand-chosen for Princess.

Around 7 times each month, roads in Plymouth are closed between 2.30am – 4.30am so the yachts can be pulled around the roundabouts and down streets in the wrong direction!

The biggest boat has only 13 mm height clearance under the Marsh Mills flyover and in warm weather the tyres need to be deflated to make it under and through.

Princess Yachts own 4 police cars which are driven by police officers (on non-emergency duty) to escort the boats during the early morning moves.

Princess Yachts

Princess Yachts are famous for building some of the world’s finest and most luxurious yachts, which they manufacture at their  5 different sites in Plymouth and sell all over the world.  The company is extremely proud of their Plymouth heritage – their logo includes the words “Crafted in Plymouth”. 80-85% of everything you see on a Princess Yacht has been made in-house by the company’s Plymouth teams.

“Where there’s warm weather and water, you will find Princess Yachts. There’s always a carefully crafted part of Plymouth floating around some of the most beautiful places in the world”   Antony Sheriff, Executive Chairman, Princess Yachts

Princess Yachts is also honoured to be the first luxury yacht manufacturer to officially partner with the Marine Conservation Society. Since 2016 they have worked together to support marine environments, preserving reefs and sea life for present and future generations.

Typical job roles include: Marine Engineering, Fabrication/Welding, Carpentry, Computer Aided Design,Composites, HR, Learning and Development and Finance

Apprenticeships: Princess Yachts has a variety of four year apprenticeship courses available each year including; Marine Engineering, Carpentry/boat building, CAD Development, Fabricating and Welding, Business Administration, HR, Finance, IT and Composites. Find out more about the company’s Apprenticeship Scheme below in the Get to Know Princess Yachts section.

Princess look for potential apprentices with the right attitude, the right qualities and the desire to fulfil their potential – people who can stand out from the crowd and deliver the high standards of quality and service expected in the luxury yacht business. Applicants need to be dedicated, eager to learn, and keen to combine hands on work with study in their own time.

University Placements  are available in the CAD department.

Graduate Programme : Princess Yachts also offers a graduate programme for those who are leaving university, with opportunities in Accountancy and Finance, Business Operational Management, Commercial, Sales, Human Resources, Naval Engineering, Naval Architecture, Marketing and Communications, Development

Princessyachts.com

3000 Employees Worldwide

5 Plymouth Manufacturing Sites at Stonehouse, Coypool, South Yard, Langage, Lee Mill.

Distributors in over 100 countries.

Get to Know Princess Yachts

Princess yachts apprenticeship scheme (section 1 of 2).

Princess works in partnership with the South Devon Marine Academy which has a dedicated Princess Yachts workshop, equipped with a V40 hull where apprentices can learn skills in all aspects of the business, offering a truly immersive experience.

The Scheme offers a mix of classroom-study with practical work and real experience and gives participants the chance to work with world-class boat-builders and other professionals who are passionate about passing on their knowledge.

The first year of the apprenticeship programme, is undertaken at South Devon College where apprentices complete additional marine qualifications such as RYA Powerboat Level 2, RYA Sea Survival, RYA VHF Radio Operators Licence and RYA First Aid as well as taking part in off water activities.  SEE NEXT SECTION FOR MORE INFO…

PRINCESS YACHTS APPRENTICESHIP SCHEME (Section 2 of 2)

In the third week of an apprenticeship, the apprentices can undertake a week long residential programme at Heatree, Exeter with activities such as canoeing, rock climbing and abseiling to learn new skills including team working, self-motivation and leadership.

Apprentices’ are also taken to the Southampton Boat Show where they enjoy attending the Princess Yachts stand to really help them grasp the bigger picture and understand the exceptional global luxury brand that they are now part of.

After their first year is completed, each Apprentice is assigned to work at one of Princess Yachts’ five sites around Plymouth where they will be fully trained in their specialism.

Find out more about the Apprenticeship Scheme here

LUXURY MOTOR YACHTS AND SUPER YACHTS

Princess Yachts craft a range of highly developed luxury yachts, which are said to be the envy of the yacht manufacturing and retail community.

At 40 metres long, the Princess 40M is the company’s largest yacht to date and is classed as a super-yacht. It has the luxury price tag of £18 million! Across the yacht’s three decks, there are sunbathing hideaways, a spa bath, dining areas and even a walk-in beach club.

Click here to take a 360 tour of the Princess 40M and see the amazing craftsmanship of the Plymouth yacht building teams.

The M Class super-yachts are constructed in one of Plymouth’s most historically important areas at South Yard, which is a former naval yard dating back to the 17th century and where the city’s dockyard originally began.

CAREFULLY DESIGNED INTERIORS

As you can see here, the Y85 caters for relaxation as well as speed. The flybridge has a fantastic deck for enjoying the sights and sounds of the ocean and marinas while the saloon creates an elegant space for seating and dining.

There is a careful design process for every element of a Princess Yacht. Each newly designed yacht goes through a Mock-Up stage. This is a one-to-one scale replication of the final yacht to test exactly how the new layout works, to check head heights, door way functionality, and how the furniture and materials will feel in the space. You can watch a film about the Mock-Up Stage here.

NEW PERFORMANCE SPORTS YACHTS

The R Class is the brand new range of performance sports yachts by Princess. The R35 pictured here, is a revolutionary yacht which was designed in conjunction with Ben Ainslie Racing Technologies (yes – Ben Ainslie – one of the most successful Olympics sailors of all time!) and legendary Italian car designers, Pininfarina.

This yacht can reach a top speed of 50 knots. Only the fastest swimming fish in the world could keep up with the R Class yachts.

To confuse the eye and help conceal its design until its official launch, the prototype R35 was actually covered in dazzle camouflage which was created by Plymouth College of Art student, Katie Sheppard. Take a look at the sea trial of the prototype R35 in its dazzle camouflage design here.

SEE INSIDE PRINCESS

If you would like to see more inside Princess Yachts, watch some of their manufacturing processes, find out how the yachts are tested on water and understand the company’s amazing history and craftsmanship – visit the Princess Yachts webpage here  “Inside Princess” and scroll down to watch their interesting video.

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