KPS controls Princess
KPS Capital Partners to acquire controlling interest in Princess Yachts, with the British boatbuilder benefitting from growth investment.
15 February 2023
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Leading British boatbuilder Princess Yachts revealed a potential match made in heaven on 14 February, announcing that investment house KPS Capital Partners has taken a controlling interest in Princess Yachts (Holdings) Limited.
Existing shareholders will retain ownership of the company, with the completion of the transaction expected in Q1 2023 subject to customary closing conditions and approvals.
Princess has experienced unprecedented sales success in recent years, with the post-covid boom adding to demand for the marque’s modern classic and contemporary yachts that offer style and innovation in equal measure.
Headquartered in the maritime city of Plymouth, the yard is one of the region’s largest employers with 3,200 employees working across five manufacturing facilities in the city.
Its unparalleled level of vertical integration – including onsite design, engineering, and manufacturing – has helped position Princess Yachts as one of Britain’s most iconic luxury brands.
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“We’re 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,” said Ryan Harrison, a Partner of KPS Mid-Cap Investments.
The moves come after the company announced exciting expansion plans last year as part of the successful bid by Plymouth City Council to create a Freeport in the region and, says Princess, this new investment will help support these plans and will reinforce the unique national and international marine capabilities that reside in Plymouth and the wider South West region.
“We’re thrilled to partner with KPS for this exciting new chapter for Princess Yachts,” said Antony Sheriff, Chief Executive Officer of 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$1 billion and many model lines sold into 2025, we’ve 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,” Sheriff continued.
“Under KPS’ ownership, we will accelerate a range of growth and operational initiatives to build upon our long and successful history.”
Harrison added, “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.”
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