Princess Yachts acquires freehold for its South Yard site in Devonport Naval Base
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Written by Eva Belanyiova
In another landmark step towards establishing its Superyacht facilities in Plymouth, Princess Yachts International has today announced the acquisition of the freehold from the Ministry of Defense for its South Yard site at the Devonport Naval Base.
LtoR Cdre Steve Dearden, Chris Gates Princess Yachts MD, Tim Baker Def Infrastructure Org
The Plymouth boat builder has been on site as tenants for over 12 months building the first of their M Class yachts, a range of 100-foot plus vessels. This acquisition will now allow Princess to redevelop the site into world class facilities, breathing new life into this historical and proud British ship yard.
The company is already focused on the next step of this development as it seeks to gain funding from the Regional Growth Fund (RGF) which in turn will see around £35 million invested into the facilities, securing future boat building at the site and jobs in the city.
Commodore Steve Dearden (left) Chris Gates Princess Yachts MD.2011
Chris Gates, Managing Director of Princess Yachts International said: “Obtaining this freehold and then gaining RGF support to build these world class facilities in Plymouth will enable us to successfully compete in the global motor yacht and Superyacht market. These steps, together with our significant financial investment will help deliver a brighter future for boat building in Plymouth and across the UK.”
He continued. “We have been working closely with the MOD and its property arm, the Defence Infrastructure Organisation ever since we took up the lease for the site in 2009 and both have been tremendously supportive of the acquisition and we are extremely grateful to them, in particular I’d like to thank the Naval Base Commander, Commodore Steve Dearden for his unrelenting support.”
If commissioned the new production site will be fully operational by 2012/2013 and create or secure over 1,000 jobs directly and in the wider Plymouth economy.
Commodore Steve Dearden, Naval Base Commander, said: “We have been working very closely with Princess Yachts and are pleased to have reached agreement on freehold sale of the site in South Yard, enabling them to expand the impressive yacht building facility they are already developing on the site. I am pleased that the sale will transfer responsibility for some of the historic buildings in South Yard to Princess Yachts offering them the opportunity to bring them back to life, and allowing the Naval Base to concentrate on support to operational front line ships and submarines.”
Princess exports 90 per cent of its products and has built a global reputation for quality and craftsmanship. It is already Plymouth’s second largest employer, with just under 2,000 employees, as well as supporting several hundred supply chain jobs.
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A deal to sell the uk's largest luxury boat maker could be struck as soon as this week.
- 12:56, 13 FEB 2023
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Speculation is mounting that Plymouth-based luxury boat-builder Princess Yachts is about to be sold to a US private equity business. The company has told PlymouthLive that it is unable to comment at this point but it is understood a deal could be struck this week.
In May 2022, PlymouthLive reported that Princess Yachts’ private equity owner L Catterton had hired bankers to find a buyer . Now it seems US private equity investor KPS Capital Partners is in the frame to acquire the UK’s largest luxury boat maker.
For more than 30 years, KPS has been acquiring manufacturing businesses in sectors producing such as branded consumer goods, healthcare and luxury products, automotive parts, capital equipment and in general manufacturing. The New York-headquartered business has about UD$14.1bn of assets under management.
KPS’ portfolio of companies generates total annual revenues of about US$22bn, operates 232 manufacturing facilities in 27 countries and combined have about 53,000 employees. KPS said it creates value “almost exclusively through operational and performance improvement”. It bought Tiger Woods-backed TaylorMade Golf from Adidas in 2017 for US$425m and sold it four years later to South Korean private equity firm Centroid Investment Partners for US$1.7bn.
In 2008 Princess Yachts was acquired by L Capital 2 FCPR, an investment group co-sponsored by LVMH (Moët Hennessy Louis Vuitton) and Groupe Arnault. In January 2016, L Capital merged with Catterton to become L Catterton, now recognised as the largest global consumer-focused investment firm.
Last year, there was intense speculation that L Catterton had hired bankers at Macquarie to find a buyer for the Plymouth manufacturer. At the time, Princess Yachts told PlymouthLive it was looking to start discussions with potential investors. It said this was to provide financial support needed to build a huge new factory at its Devonport operation. In late 2021, PlymouthLive revealed Princess Yachts wants to build another factory in Plymouth’s freeport area in the South Yard so it can produce more vessels, employ more people and fulfil a US$1bn order book. The company was also undergoing a sales boost, now selling more than 300 boats annually.
Princess Yachts has just returned from Europe’s largest boat show Boot Düsseldorf , in Germany, It used the show to debut its new S72 vessel and also showed off seven vessels at the eight-day show, including the X80, F65, Y85, V40, F45 and S62.
In 2022 Princess Yachts said it was embarking on a three-year plan to launch lots of new models as its order book remained packed and its factory unable to take on any new work until 2024. The Stonehouse-headquartered company said it will be further investing in new products and has “bold plans” to increase capacity, having already announced it wants to build a new plant at Devonport.
In December, the company entertained potential customers in Plymouth when they showed off the new £12m Y95. Potential customers flew in from the USA, Middle East, Asia and across Europe to tour the vessel while it was moored at the Royal William Yard’s marina.
At 95 feet in length the boat is just short of superyacht status. The first Y95, known in the industry as “slot 1”, was moored at the marina prior to being collected by its new owner and transported to Asia on a cargo ship. Princess Yachts took the opportunity to show it off to invited guests - and received orders for more Y95s.
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