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.