Princess Yachts this week announced that KPS Capital Partners acquired a controlling interest in the company while allowing existing shareholders to retain their ownership in the British builder.
The deal, according to Princess, will accelerate the company’s growth and innovation. The transaction is expected to be completed in the first quarter of 2023.
“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 motoryachts,” Princess CEO Antony Sheriff said in a statement. “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 transaction comes after Princess last year announced expansion plans as part of the successful bid by Plymouth City Council to create a free port (special economic zones where customs rules, such as taxes, do not apply until goods leave the zone) in the region. The company said in the statement that the KPS investment will help support these plans.
