The UK boatbuilder has been purchased in a joint venture.
After months of speculation in the press, UK boatbuilder Fairline has been purchased in a joint venture between the Royal Bank of Scotland (RBS) and an investment firm. The news follows the announcement in November last year that Fairline’s previous owner, 3i, was looking at “strategic options” for the business.
Better Capital Ltd, which is wholly owned by the BECAP Fund LP, has bought a majority stake in Masco 30 Ltd, a new company set up solely for the purpose of acquiring 100 per cent of the share capital of Fairline Boats and its subsidiaries.
Under the agreement, West Register (Investments) Limited, a company wholly owned by RBS, will acquire a minority stake in Masco 30 Limited.
“This investment will allow us to focus on three core elements paramount to our continuing success as a UK manufacturing business, being new product development, the implementation of new build technologies and the support of further growth in burgeoning overseas markets,” says Fairline CEO Derek Carter.
“The investment allows our three-year model launch plan to be set in motion which includes the completion of our much awaited flagship, the Fairline Squadron 80.”
BECAP and RBS have committed £16.6m and £3.9m 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 board as chairman.