U.K.-based Fairline Boats was sold, the company announced.
Better Capital Ltd. announced that a company wholly owned by Becap Fund LP reached a formal agreement with the Royal Bank of Scotland PLC to acquire a majority stake in Masco 30 Ltd., a new company set up solely for the purpose of acquiring 100 percent of the share capital of Fairline Boats Acquisition Ltd. and its subsidiaries.
Under the agreement, West Register (Investments) Ltd., a company wholly owned by RBS, will acquire a minority stake in Masco 30 Ltd.
Fairline builds luxury boats ranging from 38 to 60 feet and sells them through an extensive independent dealer network in 69 locations worldwide.
Becap and RBS have committed $24.48 million and $6.2 million, respectively, to finance the transaction and to fund restructuring and working capital requirements.
Nick Sanders, a member of Better Capital LLP, will join the Fairline Group’s board as chairman.
“This investment will allow us to focus on three core elements paramount to our continuing success as a U.K. manufacturing business, being new product development, the implementation of new build technologies and the support of further growth in burgeoning overseas markets,” Fairline CEO Derek Carter said in a statement:
