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Princess Yachts to receive growth investment as KPS Capital Partners take controlling interest

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Merger Notification - Announcement according to § 10 Cartel Act

Kps capital partners, lp; princess yachts (holdings).

On 12.01.2023 the Austrian Federal Competition Authority was notified of the following merger:

Planned purchase process

The notified transaction concerns the intended indirect investment in, and acquisition of  up to 100% of the shares in, Princess Yachts (Holdings) Limited by funds managed  and/or advised, and indirectly solely controlled, by KPS Capital Partners, LP, such that those funds acquire sole control of Princess Yachts (Holdings) Limited. 

Fields of activity: Building of yachts 

Industry sector: C - Verarbeitendes Gewerbe/Herstellung von Waren

Deadline for bringing in an application pursuant to § 11(1) Cartel Act will end on 09.02.2023.

Entrepreneurs whose legal or economic interests are affected by the merger can bring in a written statement at the Federal Competition Authority or the Federal Cartel Prosecutor within 14 days from publication date.

Note: The intervening party has no right to a certain treatment of the statement and will not gain a party position.

Non-prohibition of the merger

The Federal Competition Authority and the Federal Cartel Prosecutor have waived their right to apply for examination of the merger by the Cartel Court before the deadline. The standstill obligation (§ 17(1) Cartel Act) ends with effect from 31.01.2023 .

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PRINCESS YACHTS TO RECEIVE GROWTH INVESTMENT BOOST AS KPS CAPITAL PARTNERS TAKE CONTROLLING INTEREST

• KPS Capital Partners to acquire controlling interest in Princess Yachts (Holdings) Limited
• Investment will accelerate company’s growth and innovation
• Existing shareholders to retain ownership in the company

Princess Yachts announced today that KPS Capital Partners, LP (“KPS”) has entered into a definitive agreement to acquire a controlling equity interest in the luxury yacht builder. Existing shareholders will retain ownership in the company. Completion of the transaction is expected in the first quarter of 2023 and is subject to customary closing conditions and approvals

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 this new investment will help support these plans and reinforces the unique national and international marine capabilities that reside in Plymouth and the wider South West region.

Ryan Harrison, a Partner of KPS Mid-Cap Investments, said, “We are excited to make this significant investment in Princes 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 Officer, Antony Sheriff, the senior leadership team, and the talented employee base at Princess Yachts.”

Antony Sheriff, Chief Executive Officer of Princess Yachts, 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 $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.”

The continuing strength of the marine sector in the UK region has been identified as a key growth opportunity by the Great South West pan-regional partnership and this new investment will help strengthen Princess Yachts’ commitment to supporting these opportunities both nationally and internationally.

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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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Portfolio news Princess Yachts

Princess Yachts is one of the leading motor yacht builders in Europe and one of the largest boat builders in the UK.

KPS Capital Partners to acquire controlling ownership of Princess Yachts

Cobepa will remain a minority shareholder and continue to support Princess Yachts after the transaction.

KPS Capital Partners, LP (“KPS”) announced today that it has entered into a definitive agreement to acquire a controlling equity interest in Princess Yachts (Holdings) Limited, (“Princess Yachts” or the “Company”), a leading global manufacturer of luxury motor yachts.  Cobepa SA (“Cobepa”), one of the existing stockholders of Princess Yachts will remain a minority shareholder and continue to support the future growth of the Company after this transaction. 

Completion of the transaction is expected in the first quarter of 2023 and is subject to customary closing conditions and approvals. 

For more information regarding the transaction, please refer to the official press release .

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PRINCESS YACHTS (HOLDINGS) LIMITED

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KPS CAPITAL PARTNERS TO ACQUIRE CONTROLLING OWNERSHIP OF PRINCESS YACHTS

Investment will Accelerate Company's Growth and Innovation

NEW YORK , Feb. 13, 2023 /PRNewswire/ -- KPS Capital Partners, LP ("KPS") announced today that it has entered into a definitive agreement to acquire a controlling equity interest in Princess Yachts (Holdings) Limited, ("Princess Yachts" or the "Company"), a leading global manufacturer of luxury motor yachts.  Existing stockholders will retain ownership in the Company.  Completion of the transaction is expected in the first quarter of 2023 and is subject to customary closing conditions and approvals. 

Princess Yachts is a leading builder of luxury motor yachts and is recognized for its timeless design, hand-crafted quality and exceptional seakeeping.  Headquartered in Plymouth, England , the Company's unparalleled level of vertical integration – including on-site design, engineering and manufacturing – has helped position Princess Yachts as one of Britain's most iconic luxury brands.  Princess Yachts serves a global customer base through its best-in-class international dealer network.  The Company has approximately 3,200 employees and operates five manufacturing facilities in Plymouth, England .

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."   

Antony Sheriff , Chief Executive Officer of Princess Yachts, 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 $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."

Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to KPS.  Macquarie Capital and Latham & Watkins LLP served as financial advisor and legal counsel, respectively, to Princess Yachts.

About Princess Yachts Princess Yachts is a leading builder of luxury motor yachts and is recognized for its timeless, understated design, unique craftsmanship and exceptional seakeeping.  Headquartered in Plymouth, England , the Company's unparalleled level of vertical integration – including on-site design, engineering and manufacturing – has helped position Princess Yachts as one of Britain's most iconic luxury brands.  Princess Yachts serves a global customer base through its best-in-class international dealer network.  The Company has approximately 3,200 employees and operates five manufacturing facilities in Plymouth , England.  For additional information, please visit www.princessyachts.com .

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 over $14.4 billion of assets under management (as of September 30 , 2022).  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 have aggregate annual revenues of approximately $22.0 billion , operate 232 manufacturing facilities in 27 countries, and have approximately 53,000 employees, directly and through joint ventures worldwide.  The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com .

SOURCE KPS Capital Partners, LP

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KPS CAPITAL PARTNERS TO ACQUIRE CONTROLLING OWNERSHIP OF PRINCESS YACHTS

Investment will Accelerate Company's Growth and Innovation

NEW YORK , Feb. 13, 2023 /PRNewswire/ -- KPS Capital Partners, LP ("KPS") announced today that it has entered into a definitive agreement to acquire a controlling equity interest in Princess Yachts (Holdings) Limited, ("Princess Yachts" or the "Company"), a leading global manufacturer of luxury motor yachts.  Existing stockholders will retain ownership in the Company.  Completion of the transaction is expected in the first quarter of 2023 and is subject to customary closing conditions and approvals. 

Princess Yachts is a leading builder of luxury motor yachts and is recognized for its timeless design, hand-crafted quality and exceptional seakeeping.  Headquartered in Plymouth, England , the Company's unparalleled level of vertical integration – including on-site design, engineering and manufacturing – has helped position Princess Yachts as one of Britain's most iconic luxury brands.  Princess Yachts serves a global customer base through its best-in-class international dealer network.  The Company has approximately 3,200 employees and operates five manufacturing facilities in Plymouth, England .

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."   

Antony Sheriff , Chief Executive Officer of Princess Yachts, 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 $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."

Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to KPS.  Macquarie Capital and Latham & Watkins LLP served as financial advisor and legal counsel, respectively, to Princess Yachts.

About Princess Yachts Princess Yachts is a leading builder of luxury motor yachts and is recognized for its timeless, understated design, unique craftsmanship and exceptional seakeeping.  Headquartered in Plymouth, England , the Company's unparalleled level of vertical integration – including on-site design, engineering and manufacturing – has helped position Princess Yachts as one of Britain's most iconic luxury brands.  Princess Yachts serves a global customer base through its best-in-class international dealer network.  The Company has approximately 3,200 employees and operates five manufacturing facilities in Plymouth , England.  For additional information, please visit www.princessyachts.com .

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 over $14.4 billion of assets under management (as of September 30 , 2022).  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 have aggregate annual revenues of approximately $22.0 billion , operate 232 manufacturing facilities in 27 countries, and have approximately 53,000 employees, directly and through joint ventures worldwide.  The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com .

SOURCE KPS Capital Partners, LP

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

KPS CAPITAL PARTNERS TO ACQUIRE CONTROLLING OWNERSHIP OF PRINCESS YACHTS

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Investment will Accelerate Company's Growth and Innovation

NEW YORK, February 13, 2023-- KPS Capital Partners, LP ("KPS") announced today that it has entered into a definitive agreement to acquire a controlling equity interest in Princess Yachts (Holdings) Limited, ("Princess Yachts" or the "Company"), a leading global manufacturer of luxury motor yachts. Existing stockholders will retain ownership in the Company. Completion of the transaction is expected in the first quarter of 2023 and is subject to customary closing conditions and approvals. Princess Yachts is a leading builder of luxury motor yachts and is recognized for its timeless design, hand-crafted quality and exceptional seakeeping. Headquartered in Plymouth, England, the Company's unparalleled level of vertical integration – including on-site design, engineering and manufacturing – has helped position Princess Yachts as one of Britain's most iconic luxury brands. Princess Yachts serves a global customer base through its best-in-class international dealer network. The Company has approximately 3,200 employees and operates five manufacturing facilities in Plymouth, England. 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." Antony Sheriff, Chief Executive Officer of Princess Yachts, 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 $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." Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to KPS. Macquarie Capital and Latham & Watkins LLP served as financial advisor and legal counsel, respectively, to Princess Yachts. About Princess Yachts Princess Yachts is a leading builder of luxury motor yachts and is recognized for its timeless, understated design, unique craftsmanship and exceptional seakeeping. Headquartered in Plymouth, England, the Company's unparalleled level of vertical integration – including on-site design, engineering and manufacturing – has helped position Princess Yachts as one of Britain's most iconic luxury brands. Princess Yachts serves a global customer base through its best-in-class international dealer network. The Company has approximately 3,200 employees and operates five manufacturing facilities in Plymouth, England. For additional information, please visit www.princessyachts.com. 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 over $14.4 billion of assets under management (as of September 30, 2022). 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 have aggregate annual revenues of approximately $22.0 billion, operate 232 manufacturing facilities in 27 countries, and have approximately 53,000 employees, directly and through joint ventures worldwide. The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.

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KPS CAPITAL PARTNERS TO ACQUIRE CONTROLLING OWNERSHIP OF PRINCESS YACHTS

Investment will Accelerate Company’s Growth and Innovation

NEW YORK , Feb. 14, 2023 /PRNewswire/ — KPS Capital Partners, LP (“KPS”) announced today that it has entered into a definitive agreement to acquire a controlling equity interest in Princess Yachts (Holdings) Limited, (“Princess Yachts” or the “Company”), a leading global manufacturer of luxury motor yachts. Existing stockholders will retain ownership in the Company. Completion of the transaction is expected in the first quarter of 2023 and is subject to customary closing conditions and approvals. 

Princess Yachts is a leading builder of luxury motor yachts and is recognized for its timeless design, hand-crafted quality and exceptional seakeeping. Headquartered in Plymouth, England , the Company’s unparalleled level of vertical integration – including on-site design, engineering and manufacturing – has helped position Princess Yachts as one of Britain’s most iconic luxury brands. Princess Yachts serves a global customer base through its best-in-class international dealer network. The Company has approximately 3,200 employees and operates five manufacturing facilities in Plymouth, England .

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.”   

Antony Sheriff , Chief Executive Officer of Princess Yachts, 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 $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.”

Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to KPS. Macquarie Capital and Latham & Watkins LLP served as financial advisor and legal counsel, respectively, to Princess Yachts.

About Princess Yachts Princess Yachts is a leading builder of luxury motor yachts and is recognized for its timeless, understated design, unique craftsmanship and exceptional seakeeping. Headquartered in Plymouth, England , the Company’s unparalleled level of vertical integration – including on-site design, engineering and manufacturing – has helped position Princess Yachts as one of Britain’s most iconic luxury brands. Princess Yachts serves a global customer base through its best-in-class international dealer network. The Company has approximately 3,200 employees and operates five manufacturing facilities in Plymouth , England.  For additional information, please visit www.princessyachts.com .

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 over $14.4 billion of assets under management (as of September 30 , 2022).  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 have aggregate annual revenues of approximately $22.0 billion , operate 232 manufacturing facilities in 27 countries, and have approximately 53,000 employees, directly and through joint ventures worldwide. The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com .

SOURCE KPS Capital Partners, LP

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KPS CAPITAL PARTNERS TO ACQUIRE CONTROLLING OWNERSHIP OF PRINCESS YACHTS

Investment will Accelerate Company's Growth and Innovation

NEW YORK , Feb. 14, 2023 /PRNewswire/ -- KPS Capital Partners, LP ("KPS") announced today that it has entered into a definitive agreement to acquire a controlling equity interest in Princess Yachts (Holdings) Limited, ("Princess Yachts" or the "Company"), a leading global manufacturer of luxury motor yachts. Existing stockholders will retain ownership in the Company. Completion of the transaction is expected in the first quarter of 2023 and is subject to customary closing conditions and approvals. 

Princess Yachts is a leading builder of luxury motor yachts and is recognized for its timeless design, hand-crafted quality and exceptional seakeeping. Headquartered in Plymouth, England , the Company's unparalleled level of vertical integration – including on-site design, engineering and manufacturing – has helped position Princess Yachts as one of Britain's most iconic luxury brands. Princess Yachts serves a global customer base through its best-in-class international dealer network. The Company has approximately 3,200 employees and operates five manufacturing facilities in Plymouth, England .

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."   

Antony Sheriff , Chief Executive Officer of Princess Yachts, 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 $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."

Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to KPS. Macquarie Capital and Latham & Watkins LLP served as financial advisor and legal counsel, respectively, to Princess Yachts.

About Princess Yachts Princess Yachts is a leading builder of luxury motor yachts and is recognized for its timeless, understated design, unique craftsmanship and exceptional seakeeping. Headquartered in Plymouth, England , the Company's unparalleled level of vertical integration – including on-site design, engineering and manufacturing – has helped position Princess Yachts as one of Britain's most iconic luxury brands. Princess Yachts serves a global customer base through its best-in-class international dealer network. The Company has approximately 3,200 employees and operates five manufacturing facilities in Plymouth , England.  For additional information, please visit www.princessyachts.com .

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 over $14.4 billion of assets under management (as of September 30 , 2022).  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 have aggregate annual revenues of approximately $22.0 billion , operate 232 manufacturing facilities in 27 countries, and have approximately 53,000 employees, directly and through joint ventures worldwide. The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com .

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Princess Yachts addresses its future after huge losses

P lymouth’s Princess Yachts has insisted its future remains bright despite posting a £69m pre-tax loss. The company blamed inflation and supply chain issues which meant it couldn't build as many boats.

But the luxury boat maker stressed it had orders to manufacture more than £750m of vessels. The Stonehouse-headquartered firm has already received deposits for these boats and said the work will stretch through 2025 and into 2026.

Nevertheless, Princess Yachts (Holdings) Ltd, in its newly published accounts for 2022, described the year as “disappointing”. It saw revenue drop by £22.8m, a 7.3% decline, to £289.6m and its loss, even before exceptional costs were taken out, deepened by £27.5m.

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The company described sales as “healthy”, however, and pointed to demand continuing to outstrip supply. But it stressed that major disruption to the supply chain severely impacted production resulting in a negative EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the first time since 2020.

This fell by £25.9m to a deficit of £12.6m. The overall pre-tax loss was £69.3m, a huge increase on the £19.2m loss it made in 2021.

Princess Yachts said 2022 started with major disruption to its supply chain which severely impacted its ability to return to “stable and efficient production levels”. It mainly had problems getting hold of large components such as engines, generators, electrical panels and air conditioning equipment, which in many cases arrived several months late and even halted production lines.

Will Green, Princess Yachts’ new chief executive, said: “2022 was, operationally, a difficult year for Princess with major disruptions to our supply chain significantly affecting our ability to deliver the planned boat volumes. This was especially disappointing as, commercially, we continued to enjoy strong sales and as a result, a very healthy order book that stretches into 2026 for some models.”

The company, which employs more than 3,000 people, was taken over by New York-based KPS Capital Partners in March 2023. The acquisition impacted the 2022 and first-quarter 2023 financial results as Princess Yachts went through the sale.

However, KPS injected a significant amount of cash into the company to help unlock some of the supply chain and capacity issues. It has also approved a multi-million pound investment into the expansion of the South Yard facility.

Princess Yachts said the support from the American firm “provides a sound foundation to move forward through the second half of 2023”and will enable it to accelerate a range of “growth and operational initiatives”. Princess Yachts stressed that strong investment in updating its product range has driven much of its commercial success and product development remains the strategic focus in 2024 and 2025.

Six new models were launched in 2022, three new models in 2023 and a further four have now been announced for 2024. The company said its decision to continue to invest in new products throughout the uncertainty of the Covid pandemic has been rewarded with continued commercial growth and a forward order book that stretches beyond 2025 for several models.

The company increased its product development spend to £14.4m, from £11.6m in 2022 and said this will help it maintain and grow its global market leadership in the 40-100ft yacht market. It said the new F65 model, unveiled at the 2022 Southampton Boat Show, had almost 70 pre-orders before launch.

Mr Green added: “The fresh financial and operational support from our new owners will now help us build upon this order book and 2023 has focused on building the operational infrastructure to support this commercial success with increased volumes and the quality standards our customers demand.

“We believe we have the strongest product range in the industry today and maintaining that strength is a key focus of ours and that of our shareholders going forward. With the operational expertise that KPS brings, I am confident we can build a very successful future for Princess and for the family of distributors, suppliers and employees that support us”.