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Plymouth's Princess Yachts likely to be sold to US private equity giant

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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• Feb 14, 2023

Princess Yachts Purchased by U.S. Investor

Britain's largest yacht manufacturer has been purchased by a U.S. private equity firm.

Princess Yachts , who have been a figurehead in Plymouth, England since their launch in 1965, was made available for purchase by private equity group L Catterton in 2022, who purchased the brand in 2008, and have now been acquired by U.S. based KPS Capital Partners .

The deal will provide KPS with a controlling interest in the company once the agreement is finalized in the first quarter of 2023. Terms of the deal were not disclosed.

In a press release , Ryan Harrison, a Partner of KPS Mid-Cap Investments, said, "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 worldwide reputation for quality and innovation. 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," he added.

Antony Sheriff, Chief Executive Officer of Princess Yachts, also stated, "We are thrilled to partner with KPS for this exciting new chapter for Princess Yachts. KPS and the Princess Yachts team are deeply committed to investing in the Company's future while continuing to further strengthen our portfolio of best-in-class motor yachts. With a current order book nearing a record $1 billion and many model lines sold into 2025, we have never been in a stronger commercial position."

"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."

KPS is based in New York and has an extensive portfolio in manufacturing assets across North America and Europe. The firm currently holds approximately $14.4 billion of capital under their management.

This is not KPS' first foray into marine acquisitions, although their first purchase was only tangential. In 2019, KPS purchased the fitness equipment business owned by Brunswick Corporation , who are the marine industry's largest conglomerate and own such brands as Mercury Marine and Sea Ray, for $490 million. KPS also holds stakes in Briggs & Stratton , the world's largest producer of gasoline engines for outdoor equipment, and Autokiniton Global Group , a major automotive parts supplier.

Princess Yachts, meanwhile, is currently holding a flush order book of over $1.1 billion and recently unveiled a new flagship model - the Princess Y95 . The company experienced record sales over the last two years, taking over 300 orders in 2021 alone and requiring the company to expand manufacturing capability at their shipyard. They currently employ over 3200 people across five different manufacturing facilities around Plymouth, England.

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Princess Yachts is a leading builder of luxury motor yachts and is recognized for its timeless design, hand-crafted quality, and exceptional seakeeping.  Headquartered in Plymouth, England, the Company’s unparalleled level of vertical integration – including on-site design, engineering, and manufacturing – has helped position Princess Yachts as one of Britain’s most iconic luxury brands.  Princess Yachts serves a global customer base through its best-in-class international dealer network.  The Company has approximately 3,200 employees and operates five manufacturing facilities in Plymouth, England.   www.princessyachts.com

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Mar 15, 2023 KPS Capital Partners Completes Acquisition of the Controlling Ownership of Princess Yachts

Feb 13, 2023 KPS Capital Partners to Acquire Controlling Ownership of Princess Yachts

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British luxury yacht-builder Princess sets sail to find new owners

The appointment of bankers to find a buyer for Princess Yachts comes after some of the world's most valuable vessels were seized by authorities enforcing Russian sanctions, Sky News learns.

City editor @MarkKleinmanSky

Friday 27 May 2022 14:05, UK

Britain's biggest luxury yacht-builder is being put up for sale even as a string of the world's most valuable private vessels are being seized by governments clamping down on their sanctioned Russian owners.

Sky News has learnt that L Catterton, the private equity group, has hired bankers at Macquarie to find a buyer for Plymouth-based Princess Yachts .

A formal process is yet to get under way but is expected in the coming months, according to City sources.

Princess's valuation was unclear on Friday, although one insider indicated that it was unlikely to represent one of L Catterton's most successful exits.

The business was founded in 1965, and distributes through a 50-strong global network.

It has been backed by L Catterton and its predecessor entity since 2008, making it a lengthy period of ownership by the standards of private equity backers.

Princess's boats have become symbols of luxury among the world's super-rich, although in recent months a number of yachts have been seized by authorities around the world as they seek to prevent sanctioned Russians from retaining their most prized assets.

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During the pandemic, it negotiated a cash injection from its controlling shareholder as well as a refinancing of its debt.

L Catterton was formed in 2016 from a partnership involving LVMH - the luxury goods manufacturer which is in the process of acquiring Tiffany - and Bernard Arnault, the tycoon who heads the French conglomerate and ranks among the world's wealthiest people.

Spokespeople for L Catterton and Macquarie both declined to comment.

By SuperyachtNews 25 Aug 2023

Princess Yachts appoints new CEO

Princess yachts has announced the appointment of will green as ceo, succeeding antony sheriff in the position….

Antony Sheriff has stepped down as CEO of the Plymouth-based yacht builder and has been replaced as CEO by Will Green, who steps up from his role as Commercial Executive Director. In February 2023 Princess Yachts , the UK's largest luxury boatbuilder was sold to KPS Capital Partners, a US-based private equity firm.

Will Green joined Princess Yachts in 2003 and has helped shape the Company as Chief Sales Officer and more recently in his position of Chief Commercial Officer. Previously Head of UK Sales at luxury car manufacturer Aston Martin, Green oversaw the strategic direction of Princess’ global sales.

“It is an honour to be appointed chief executive of Princess. Those who know me will recognise the passion I have for the brand, so this is an exciting opportunity to shape the next chapter for the business and build on its amazing legacy," said Green.

“I am excited and privileged to work alongside a very talented team that has achieved a long track record of success and, with the support of our controlling shareholder KPS Capital Partners, I know we can build on this further with investment in some key areas and by focusing on what we do best – building exceptional yachts for our customers.’

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Plymouth's Princess Yachts reveals record billion dollar order book

UK's largest luxury boat builder says it is selling yachts faster than it can make them as it recovers strongly from Covid hit 2020

• 11:21, 1 OCT 2021

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The UK’s largest luxury boat builder Princess Yachts has revealed a US$1bn order book and said production is struggling to keep up with demand.

The Plymouth manufacturer’s financial update has revealed a “record-setting commercial performance” with sales rate surpassing production rate, driving record low distributor stock levels.

It said almost all production through to the end of 2022 and more than 60% of 2023 production is already covered by orders. This year it has already sold 20 of its flagship Superfly X95 and has 57 orders for the new Y72 model which launched this summer.

More about Princess Yachts

The company is now poised for further growth with the new Y95, X80,and V50 already in production, as well as five further new model launches by the end of 2022.

And, despite being in a Covid-19 recovery phase, intensive recruitment continues with increased investment in skills training and award-winning apprenticeship programmes.

The firm, which employs about 3,200 people in Plymouth, said it has faced challenges from the Covid-19 pandemic and the ongoing supply chain issues affecting the UK. Turnover and profits dipped in 2020 as the company was affected by a temporary Covid-related closure.

But it has bounced back strongly and despite ongoing challenges retail sales have grown to the highest levels in the history of the company, with an order book exceeding US$bn.

With record low distributor stock levels globally - equivalent to one to two weeks of stock - and production almost completely covered by orders into the second half of 2023, the company said it is in a unique commercial position.

Antony Sheriff, Princess Yachts executive chairman and chief executive, said: “As expected, in a Covid-19 year when we stood down our 3,200 strong team for Q2 2020, turnover reduced to £244m from 2019’s full year turnover of £314m.

“The combination of our unique vertically integrated manufacturing process, the investment required to make it Covid-19 compliant and our decision to not cut new product development or make staff redundant resulted in an understandable drop in profits during 2020.

“However, these decisions have put us in an excellent position during 2021 and onwards. Although Covid-19 continues to bring interruptions in the supply chain and government mandated self-isolation of staff, we significantly improved financial performance in 2021 compared to 2019 and 2020 and we expect even stronger results in 2022 .”

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He added: “We continue to move forwards with an ambitious new product launch plan and innovative new ways to engage with our customers . The company now has a retail order book worth over US$1bn with the sales success of new models such as the X95, X80 and Y72 exceeding expectations. We have had over 20 orders for the X95, and 57 orders for the new Y72 model, the majority of these orders received off plan. All production slots are now filled for 2021, over 95% of 2022 production and over 60% of 2023 production is covered by orders.”

A return to many of the global boat shows this calendar year saw Princess Yachts attend Palm Beach International Yacht Show in March 2021; Cannes Yachting Festival 2021; Southampton International Boat Show 2021; with plans being finalised for the Fort Lauderdale Boat Show in October 2021 and the much-anticipated return to Boot Düsseldorf in January 2022.

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Princess Yachts addresses its future after huge losses

P lymouth’s Princess Yachts has insisted its future remains bright despite posting a £69m pre-tax loss. The company blamed inflation and supply chain issues which meant it couldn't build as many boats.

But the luxury boat maker stressed it had orders to manufacture more than £750m of vessels. The Stonehouse-headquartered firm has already received deposits for these boats and said the work will stretch through 2025 and into 2026.

Nevertheless, Princess Yachts (Holdings) Ltd, in its newly published accounts for 2022, described the year as “disappointing”. It saw revenue drop by £22.8m, a 7.3% decline, to £289.6m and its loss, even before exceptional costs were taken out, deepened by £27.5m.

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The company described sales as “healthy”, however, and pointed to demand continuing to outstrip supply. But it stressed that major disruption to the supply chain severely impacted production resulting in a negative EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the first time since 2020.

This fell by £25.9m to a deficit of £12.6m. The overall pre-tax loss was £69.3m, a huge increase on the £19.2m loss it made in 2021.

Princess Yachts said 2022 started with major disruption to its supply chain which severely impacted its ability to return to “stable and efficient production levels”. It mainly had problems getting hold of large components such as engines, generators, electrical panels and air conditioning equipment, which in many cases arrived several months late and even halted production lines.

Will Green, Princess Yachts’ new chief executive, said: “2022 was, operationally, a difficult year for Princess with major disruptions to our supply chain significantly affecting our ability to deliver the planned boat volumes. This was especially disappointing as, commercially, we continued to enjoy strong sales and as a result, a very healthy order book that stretches into 2026 for some models.”

The company, which employs more than 3,000 people, was taken over by New York-based KPS Capital Partners in March 2023. The acquisition impacted the 2022 and first-quarter 2023 financial results as Princess Yachts went through the sale.

However, KPS injected a significant amount of cash into the company to help unlock some of the supply chain and capacity issues. It has also approved a multi-million pound investment into the expansion of the South Yard facility.

Princess Yachts said the support from the American firm “provides a sound foundation to move forward through the second half of 2023”and will enable it to accelerate a range of “growth and operational initiatives”. Princess Yachts stressed that strong investment in updating its product range has driven much of its commercial success and product development remains the strategic focus in 2024 and 2025.

Six new models were launched in 2022, three new models in 2023 and a further four have now been announced for 2024. The company said its decision to continue to invest in new products throughout the uncertainty of the Covid pandemic has been rewarded with continued commercial growth and a forward order book that stretches beyond 2025 for several models.

The company increased its product development spend to £14.4m, from £11.6m in 2022 and said this will help it maintain and grow its global market leadership in the 40-100ft yacht market. It said the new F65 model, unveiled at the 2022 Southampton Boat Show, had almost 70 pre-orders before launch.

Mr Green added: “The fresh financial and operational support from our new owners will now help us build upon this order book and 2023 has focused on building the operational infrastructure to support this commercial success with increased volumes and the quality standards our customers demand.

“We believe we have the strongest product range in the industry today and maintaining that strength is a key focus of ours and that of our shareholders going forward. With the operational expertise that KPS brings, I am confident we can build a very successful future for Princess and for the family of distributors, suppliers and employees that support us”.

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Princess Cruises Unveils Exclusive New Sanctuary Collection Aboard Sun Princess and Star Princess

New category offers unprecedented level of exclusivity and premium extras aboard newest ships from princess.

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FORT LAUDERDALE, Fla. (April 24, 2023) – Elevating the art of relaxation and serenity, Princess Cruises is introducing the exclusive, next-level Sanctuary Collection aboard Sun Princess and Star Princess, as these newest ships prepare to debut with this select, all-inclusive oasis in October 2024.

As the name suggests, guests reserving in the Sanctuary Collection enjoy exclusive access to the ship’s top deck retreat area, along with a host of additional and high-end amenities designed to enhance their voyage. These indulgences include exclusive private dining and relaxation areas, a luxurious stateroom experience, as well as the Princess Premier bundle to round out the all-inclusive allure of the Sanctuary experience. Princess Premier offerings include: 

• Premier Beverage Package (covering drinks up to $20, champagne by the glass, specialty coffees, smoothies and bottled water, as well as 25 percent off bottles of wine)
• Unlimited MedallionNet 2.0 with Fleetwide Starlink and 5G for up to 4 devices
• Daily crew appreciation (e.g., gratuities)
• Two nights of specialty dining
• Unlimited prix fixe meals at any casual dining location
• Free OceanNow Delivery Service Activation
• Complimentary Room Service
• "Green Lane" Express Boarding (Free Medallion device delivery included)
• Reserved seating in the Princess Theater
• Unlimited boutique fitness classes per voyage (e.g., Pure Barre, YogaSix, StretchLab)
• Unlimited premium crafted desserts
• Unlimited premium fresh juices
• Unlimited Digital Photo package / Princess Prizes

Aboard Sun Princess, the luxurious, spa-inspired, top-deck Sanctuary Club, is now reserved exclusively for Sanctuary Collection guests who access the private entry via their Princess Medallion. In the adults-only (16 and up) area, guests enjoy plush lounge furniture, private cabanas, pool and jacuzzi, attentive service, soothing music, refreshing beverages, and light fare. The Club also features exclusive programming, including sunrise yoga classes and sail-away receptions. 

Other Sanctuary Collection amenities include priority specialty restaurant reservations, and premium stateroom amenities. 

The new Sanctuary Collection aboard Sun Princess includes three levels of stateroom types – Signature Collection Suites (80), Mini Suites (123), and Premium Deluxe Balconies (12).

“Our new Sanctuary Collection offers guests those ultra-private, tucked away spaces that rival any high-end resort and surpasses the offerings of comparable cruise lines featuring similar ship-within-a-ship amenities,” said John Padgett, president of Princess Cruises. “With spacious and well-appointed accommodations, along with an array of premium extras and its exclusivity, our new Sanctuary Collection delivers the ultimate in access and indulgence to deliver an unparalleled experience.”

Sanctuary Collection staterooms go on sale today and are available starting with the Oct. 14, 2024 voyage on Sun Princess, and the Oct. 4, 2025 voyage on Star Princess. Guests who have booked as of April 23, 2024 and have already reserved Sanctuary Collection staterooms on either ship will receive the additional amenities outlined at no additional cost, excluding the Premier bundle.

The 177,500-ton, 4,300-guest Sun Princess offers an array of exciting new culinary and entertainment offerings, as well as luxurious staterooms and suites across a broad spectrum of categories. With the most balconies and sun decks on any Princess ship, guests can take in the sunshine and crystal-clear waters of the Mediterranean and Caribbean from the comfort of their stateroom. 

Additional information about Princess Cruises and the new Sanctuary Collection  is available through a professional travel advisor, by calling 1-800-PRINCESS (1-800-774-6237) or by visiting the company’s website at www.princess.com .

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• East Hampton Braces for Zero Bond

The tone was downright existential last Friday at a public meeting held by the East Hampton Village board. Zero Bond wants to lease the Hedges Inn, a sleepyish bed-and-breakfast in the historic district on James Lane, and Mayor Jerry Larsen was ready to go to war over it. “If we need to go to court and fight about it, that’s what’s going to happen,” he told the crowd of about 50 people. This wasn’t the Maidstone Club, with its polite old-money set. It wasn’t Devon Yacht Club, either — where things leaned more tennis whites and early dinner. It was Zero Bond, Scott Sartiano’s magnet for celebrities and their hangers-on, where Leonardo DiCaprio and Kim Kardashian do whatever kinds of things they do at 1 a.m. “The entire length of Hook Pond, instead of being inhabited by swans,” warned Ken Lipper, the money manager and Koch-era deputy mayor who live about 30 yards from the inn, “will be inhabited by groups of these people who will make a permanent encampment.”

The core of the village’s planned counteroffensive was a relatively mundane bit of fine print: a covenant from the ’80s barring food and beverage service past 10 p.m. The idea would be to update it, make it enforceable, and then use it as a blunt object to keep Zero Bond — and any other club with 4 a.m. service ambitions and a reputation for idling SUVs — in Manhattan, where, residents say, such things belong. (Zero Bond did not respond to a request for comment, but a source tells me its team is ready to “go nuclear” over the village’s efforts to keep it out.)

The Hedges Inn is a 13-room luxury hotel that opened in 1873. It attracts high-dollar guests (including at least one princess, according to the website) and has a wine bar and restaurant that are popular with locals. Still, it’s a relatively quiet presence. Part of its charm is its location in the village’s historic district, far from the commercial shops on Main Street. This also means it’s surrounded by some of the priciest homes in the Hamptons. (Letters of opposition have been written by Arthur Zeckendorf and Melissa Burch, among others.) Neighbors say they are worried about noise, a treacherous increase in private-jet traffic, and the perils associated with the type of crowd that will be drawn to such a club. “It undermines the historic district — lines of limousines and bodyguards,” Lipper told me in a call after the meeting. “It’s an ugly scene by comparison.”

It all seems a little extreme to Chris Kelley, the attorney representing the owner of the Hedges Inn, who called the village’s efforts to keep Zero Bond out premature, saying at the meeting that the proposed legislation is “a solution in search of a problem.” And enforced as written, Kelley said at the meeting, “St. Luke’s rectors can be jailed for serving communion at Christmas Eve midnight Mass.” He added that New York State law preempts local legislation — the Alcoholic Beverage Control Law, not the municipality, regulates every establishment’s operating hours.

Martha Reichert, who represents two other venues in the historic district, has also asked the village to go back to the drawing board, as its approach may be a little too scorched-earth. The proposal would hurt most local businesses, she said, and would ostensibly prohibit weddings and New Year’s Eve parties. Room service, if ordered at a certain hour, might also fall on the wrong side of the law. None of this is lost on Larsen. “We have to come back with something that works for everyone,” he told me after the meeting. “Except late-night. That’s not going to work.”

Anxiety about interlopers bringing the city to the Hamptons seems high out here. It’s one thing to jostle with Sarah Jessica Parker to get the last container of cinnamon rolls at Round Swamp Farm; it’s quite another to lose the serenity of a quiet August at the beach to more private-jet traffic overhead. It’s why the sale of the Southampton movie theater to billionaire Aby Rosen stoked a mini-panic at the end of last summer: Would it be a private social club? Does Rosen get it ?

Since most village residents are part-timers — owners of second and third homes — the hearing on the matter of East Hampton nightlife will remain open for another month to accommodate various schedules and take all viewpoints into consideration. But the viewpoints seem relatively settled. Mayor Larsen told the East Hampton Star earlier this week that a lawyer for Zero Bond had even offered to connect him to Mayor Eric Adams, who happens to love Zero Bond, as a kind of character witness for Sartiano. It was a bust. “This is about protecting neighbors from late-night noise,” Larsen told the paper. “I texted him back, ‘I don’t think it’s necessary to waste the mayor’s time. It’s not going to change anything.’” Another neighbor was less diplomatic. “We don’t care who you are,” she said. “The Hamptons has a long history of turning people down who think they can get their way.”

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