Balmoral Capital acquires Oyster Marine
By IBI Magazine
UK boatbuilder Oyster Marine has been sold to Balmoral Capital, a UK-based private equity fund, for an undisclosed sum. The transaction also includes Oyster's US sales and service centre in Newport, Rhode Island, as well as the associated businesses of Oyster Brokerage and Southampton Yacht Services in the UK.
According to a statement released today, Oyster chairman and CEO Richard Matthews will retain his role in the company. "It will be business as usual for Oyster's staff," says Matthews. "We will maintain our ongoing commitment to providing great service for our owners and continuity to the 'family' of key subcontractors who are such an important part of our future."
Founded in 1973, Oyster offers a 12-model range of sailing yachts from 13.9m (46ft) and up, including two new superyachts — the Oyster 100 and Oyster 125 — which are due to launch in 2010 and 2011, respectively. The company also has a strong forward order book and annual sales in excess of £50 million.
Balmoral Capital specialises in control investments in companies that have potential to grow and create value in the European mid market. Businesses acquired by Balmoral typically have an enterprise value of between €30-€350 million.
"As investors we are delighted with the acquisition of Oyster and have every confidence in the existing management team to take the business forward," says Balmoral's Richard Winkles.
Balmoral Capital also owns Italian boatbuilder Canados (an acronym for CAntieri NAvali Di OStia), which designs and manufactures motoryachts from 21.3m-33.5m (70ft-110ft).
(18 February 2008)
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