Fairline is bought by Better Capital Limited and RBS
- Tue, 12 Jul 2011
Fairline has been purchased in a joint venture between an investment company and the Royal Bank of Scotland (RBS).
The acquisition follows several months of speculation over who would buy the British boat brand after it was announced in November 2010 that its previous owner, 3i, were looking at "strategic options" for the business.
Better Capital Limited is an investment company owned by the BECAP Fund LP and it has now bought a majority stake in Masco 30 Limited, a new company set up solely for the purpose of acquiring 100% of Fairline.
Under the agreement, West Register (Investments) Limited, a company owned by RBS, will acquire a minority stake in Masco 30 Limited of under 20%.
BECAP and RBS have committed £16.6 million and £3.9 million respectively to finance the transaction and to fund restructuring and working capital requirements.
Nick Sanders, a member of Better Capital LLP, will join the Fairline Group board as chairman.
Have your say!
Latest comments
July 16 09:51
James Wallace
It's about time that the UK taxpayer had a say in what RBS invest in. This is yet another speculative investment by RBS - if 3i's couldn't make in work why does RBS think they can do better ?
July 16 10:04
phil
they have probably looked at the assets, ie boat yards at strategic places and will build appartments over looking the sea, the boats will be gone!
July 17 12:22
A Campbell
Having had experience of the way RBS works in its Motor Insurance Division, may I wish Fairline the best of luck, they will need it.
July 26 14:20
Lee
Better Capital is run by John Moulton, probably the most poerful man in private equity in the UK. Don't for a second think that RBS made any strategic plans in this apart from trying to jump into bed with the man with the 'Golden Touch'!