Princess Yachts gains cash injection from new investor

KPS Capital Partners said overnight it had made a deal to take a controlling interest in Princess, which currently has around 3200 employees building a range of motor yachts across five different manufacturing plants in Plymouth.

Princess’ other shareholders will retain their investments in the company. The terms of the deal, including how large a stake the controlling partners will take, were not disclosed.

“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 andS growing product range and a worldwide reputation for quality and innovation,” KPS mid-cap investments partner Ryan Harrison said in a statement announcing the deal.

“KPS’ investment will accelerate Princess’ growth trajectory and fund numerous investments for its future.”

The extra investment comes at a critical time for Princess, which has an order book bulging with almost $US1 billion and builds for some model lines stretching to 2025.

Princess Yachts chief executive Antony Sheriff said the new investment would now take the motor yacht maker “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,” he said.

Earlier this year, Princess launched its S72 motor yacht at the Dusseldorf boat show, the newest member of the brand’s S-Class line of cruisers.

The new motor yacht was designed in-house at the Princess Design Studio, and in collaboration with naval architects Olesinski and Italian design house Pininfarina.

The S72 features a sweeping profile with sleek styling lines and full-length hull windows.

Equipped with twin 1650hp or 1800hp MAN V12 engines, the deep-vee hull of the Princess S72 will travel at up to 36 knots with what the maker says is “dynamic performance and smooth handling”.

“The very essence of the S Class is powerful, exhilarating and precise – yet timelessly elegant and sophisticated, blending iconic design, exceptional engineering and unrivalled craftsmanship to create an unforgettable, emotional experience,” Princess says.

Princess has recently diversified from just building luxury motor yachts by adding a carbon-fibre tender, the R35, to its manufacturing line.

The tender features foils that lift it up out of the water, greatly reducing the drag the boat experiences at high speeds.

The move was seen by outsiders as a half-step towards incorporating more carbonfibre and foiling technology into Princess’s next-generation motor yachts.