Princess Yachts acquired by KPS Capital Partners
The majority of Princess Yachts shares have been acquired by US private equity firm, KPS Capital Partners. The deal is expected to close in the first quarter of 2023.
KPS Capital Partners manages KPS Special Situations Funds, a group of investment funds with more than $14.4bn of assets (as of September 30th, 2022). Its portfolio of companies has average annual revenues of around $22bn.
“KPS’ investment will accelerate Princess’ growth trajectory and fund numerous investments for its future,” said Ryan Harrison, partner, KPS Mid-Cap Investments.
“We look forward to working with Princess’ existing stockholders, CEO Antony Sheriff, the senior leadership team and the talented employee base at Princess Yachts.”
Plymouth-based Princess Yachts (pictured) currently operates five shipyards with over 3,200 employees in the UK. Existing shareholders will still maintain ownership stakes in the company.
Sheriff said he was pleased with the acquisition and excited about the future prospects of the company.
“With a current order book nearing a record $1bn and many model lines sold into 2025, we have never been in a stronger commercial position,” said Sheriff.