Former sponsor of golf equipment manufacturer TaylorMade, KPS Capital Partners, will purchase a controlling position in Plymouth-based luxury yacht builder Princess.
The largest luxury yacht builder in the United Kingdom is being sold to new private equity investors 15 years after its previous change of ownership.
Plymouth-based Princess Yachts is being sold to KPS Capital Partners. An investor located in the United States that specializes in buying industrial enterprises.
According to sources, an agreement might be reached as early as this week.
TaylorMade, a multinational manufacturer of golf equipment, was one of KPS’s prior investments.
The Princess was put up for sale in the same year as a string of the world’s most precious private vessels were seized from their sanctioned Russian owners.
L Catterton, a private equity firm specializing in consumer products, has owned Princess since 2008.
The yacht manufacturer was started in 1965 and has a 50-strong global distribution network.
It reportedly has a healthy order book and over £300 million in yearly revenue.
During the epidemic, Princess arranged a cash injection from its controlling shareholder and refinancing of its debt. Even though its yachts have become icons of luxury among the world’s ultra-rich.
Monday morning, no one engaged in the transaction could be reached for comment.
