Princess Yachts sold to US investment firm

Princess Yachts today confirmed that KPS Capital Partners, the US-based private equity firm that was reported to be in the process of acquiring a controlling stake in the UK boatbuilder, has acquired the business for an undisclosed sum.

Existing shareholders will retain ownership in the company, says Princess in a statement, and completion of the transaction is expected in the first quarter of 2023, subject to customary closing conditions and approvals.

“We are excited to make this significant investment in Princess Yachts, a leading company in the luxury global yachting industry with an iconic brand grounded in British tradition, a remarkable and growing product range, and world-wide reputation for quality and innovation,” says Ryan Harrison, a partner of KPS Mid-Cap Investments.

“KPS’ investment will accelerate Princess’ growth trajectory and fund numerous investments for its future. We look forward to working with Princess’ existing stockholders, Chief Executive Officer, Antony Sheriff, the senior leadership team, and the talented employee base at Princess Yachts.”

Princess CEO Antony Sheriff says that KPS and the Princess Yachts team are deeply committed to investing in the company’s future while continuing to further strengthen its portfolio of best-in-class motoryachts. “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,” he says.

“Together with KPS’ tremendous track record of manufacturing excellence and investing in leading brands, we are now positioned to take Princess Yachts to the next level of industry leadership in quality and innovation. Under KPS’ ownership, we will accelerate a range of growth and operational initiatives to build upon our long and successful history.”

Princess Yachts is a leading builder of luxury motoryachts and one of Britain’s most iconic luxury brands. The company employs around 3,200 people and operates five manufacturing facilities in Plymouth, England.