American fund KPS sets sail with purchase of British yachtbuilder Princess
Britain's biggest luxury yacht-builder is being sold to new private equity backers 15 years after it last changed hands.
Sky News has learnt that Princess Yachts, which is based in Plymouth, is being sold to KPS Capital Partners, a US-headquartered investor which specialises in owning manufacturing businesses.Among KPS's previous investments was TaylorMade, the global golf equipment maker. Princess was put up for sale last year even as a string of the world's most valuable private vessels were being seized by governments clamping down on their sanctioned Russian owners.The yacht-builder was founded in 1965, and distributes through a 50-strong global network.
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