German superyacht-builder Lürssen has acquired the Blohm+Voss shipyard in Hamburg from Star Capital Partners. The news was announced this morning as the 26th edition of the Monaco Yacht Show got underway.

Bremen-based Lürssen says the acquisition will strengthen its portfolio in the repair and refit activities for yachts, naval and commercial ships as well as enhancing its naval new-build activities within their corporation.

Pending approval from the German Fair Trade Commission, Lürssen will combine six highly specialised shipyards with approximately 2,800 employees in northern Germany.

“With the acquisition of Blohm+Voss we are taking over a shipyard with a strategically advantageous location and versatile production facilities,” says Peter Lürssen, managing partner at Lürssen Maritime Beteiligungen GmbH & Co KG. “We want to use these facilities to complement our existing refit and repair activities and also to offer our customers an ever better service.

“In addition, we would like to utilise the competence and experience of the shipyard and its employees for the new-build of complex naval ships and continue their production at the Hamburg site. The construction of yachts at the Hamburg yard will depend on the overall market situation and it is difficult to judge at this time.”

The contract between Lürssen and the funds of British private equity investor, Star Capital Partners, has been signed and the agreement is now subject to approval from the German Fair Trade Commission. Both parties have agreed that the purchase price will remain confidential. The Star Capital funds acquired Blohm+Voss in December 2011 from ThyssenKrupp.

“After the trade commission’s approval, our primary efforts will be guided towards talking with the employees of Blohm+Voss,” says Lürssen. “We will discuss the necessary steps to efficiently adopt the individual capabilities of the shipyard into our group and secure the balance between our shipyards in the future and together, navigate through the difficult market situation we find ourselves in today.”

Lürssen and Blohm+Voss have a long history of successful cooperation and are currently working together on the construction of the new German Navy Frigate Type F125. "We are confident that we already have a good basis on which to continue this relationship and to move forwards with the companies under one roof,” says Klaus Borgschulte, technical director at Lürssen Werft GmbH & Co KG.

Founded in 1875, the Lürssen Group is a family owned company that specialises in the design and production of yachts over 60m as well as naval and coast guard ships. The commercial and naval new-build business is complimented by comprehensive aftersales support including repair, refit, maintenance and worldwide logistics services.