News
Cavendish advises on the sale of Princess Yachts International
3 June 2008Cavendish Corporate Finance is pleased to announce the successful sale of Princess Yachts International plc, one of the world's premier yachting brands, for an undisclosed consideration.
Cavendish was appointed to undertake a strategic review of options for the business and to identify a purchaser that understood the luxury brands market and was able to provide support to the incumbent management team in achieving their long-term strategy.
In recent years, Princess Yachts has enjoyed a considerable increase in its sales and profitability as a result of increased demand for larger motor yachts and improved market share. The business has a substantial international presence and is recognised as one of the leading motor yacht builders in the world.
Princess Yachts has been purchased by a consortium comprising M. Arnault's private investment fund, Groupe Arnault, LVMH, L Capital and other co-investors. Identifying the correct purchaser was the key objective from the outset of the exercise and Princess is now set to become a part of the family of the world's leading luxury brand group including Moet & Chandon, Veuve Cliquot, Dom Perignon, Dior, Tag Heuer, De Beers and Krug.
The business will be run by the existing team comprising David King (Executive Chairman) and Chris Gates (Managing Director) as well as a number of senior managers who will all receive equity in Princess following the transaction.
[Hugo Haddon-Grant], Managing Partner of Cavendish, commented:
''We are delighted to have achieved our client's number one objective in securing the long term future of Princess. The purchasers met the strict criteria for the owners of Princess Yachts and we believe will facilitate the existing management team taking the business to its next stage of growth.''