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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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By SuperyachtNews 25 Aug 2023

Princess Yachts appoints new CEO

Princess yachts has announced the appointment of will green as ceo, succeeding antony sheriff in the position….

Antony Sheriff has stepped down as CEO of the Plymouth-based yacht builder and has been replaced as CEO by Will Green, who steps up from his role as Commercial Executive Director. In February 2023 Princess Yachts , the UK's largest luxury boatbuilder was sold to KPS Capital Partners, a US-based private equity firm.

Will Green joined Princess Yachts in 2003 and has helped shape the Company as Chief Sales Officer and more recently in his position of Chief Commercial Officer. Previously Head of UK Sales at luxury car manufacturer Aston Martin, Green oversaw the strategic direction of Princess’ global sales.

“It is an honour to be appointed chief executive of Princess. Those who know me will recognise the passion I have for the brand, so this is an exciting opportunity to shape the next chapter for the business and build on its amazing legacy," said Green.

“I am excited and privileged to work alongside a very talented team that has achieved a long track record of success and, with the support of our controlling shareholder KPS Capital Partners, I know we can build on this further with investment in some key areas and by focusing on what we do best – building exceptional yachts for our customers.’

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British luxury yacht manufacture Princess broke into the superyacht market with the launch of the Princess 25 Metre motor yacht in early-2000. Since then, Princess has enriched its British maritime heritage with new innovations and lines that have helped to establish the brand's lifestyle statement. With many Princess yachts for sale now on BOAT International, there are plenty of opportunities to enjoy the Princess yacht owner lifestyle.

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Plymouth's Princess Yachts set for growth after being taken over by US private equity giant

KPS Capital Partners takes controlling stake in Stonehouse-headquartered boat-maker and promises investment

• 10:00, 14 FEB 2023

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Princess Yachts has been taken over by a major American private equity firm in a deal which will take the Plymouth company “to the next level”. New York-headquartered KPS Capital Partners has entered into an agreement to acquire a controlling interest in Princess Yachts (Holdings) Ltd, and said the investment will accelerate the company’s growth and innovation.

Existing shareholders will retain ownership in the company under the deal. Completion of the transaction is expected by the end of March.

KPS runs a family of investment funds with more than US$14.4bn of assets under management. For more than 30 years it has been acquiring manufacturing businesses and its current portfolio includes component maker Autokiniton, light vehicle manufacturer AM General, Briggs and Stratton engines, battery maker C&D Technologies, and plant-based foods business Primient.

Antony Sheriff, chief executive of Princess Yachts, said the deal will enable the Plymouth firm, the UK’s largest manufacturer of luxury yachts, to grow and bring out new models. He 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.

“With a current order book nearing a record US$1bn 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’ portfolio of companies already generates total annual revenues of about US$22bn, operates 232 manufacturing facilities in 27 countries and combined has about 53,000 employees. KPS said it creates value “almost exclusively through operational and performance improvement”.

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 world-wide 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 Antony Sheriff, the senior leadership team, and the talented employee base at Princess Yachts.”

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

Last year L Catterton hired bankers at Macquarie to find a buyer for Princess Yachts . At the time, Princess Yachts told PlymouthLive it was looking to start discussions with potential investors 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.

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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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