KPS Capital to take the helm of Princess Yachts

• Princess Yachts’ existing stockholders will maintain their stakes
• KPS is a global private equity firm headquartered in New York
• The deal is likely to close in the first quarter of 2023, subject to regulatory nods

KPS Capital will acquire a controlling equity interest in Princess Yachts, a global manufacturer of luxury motor yachts.

Princess Yachts is headquartered in Plymouth, England. The firm employs 3,200 people.

Princess Yachts’ current stockholders will maintain their stakes in the firm.

The deal is likely to close in the first quarter of 2023, subject to regulatory approvals and customary closing conditions.

“KPS’ investment will accelerate Princess’ growth trajectory and fund numerous investments for its future,” said Ryan Harrison, a partner of KPS Mid-Cap Investments. “We look forward to working with Princess’ existing stockholders, chief executive officer Antony Sheriff, the senior leadership team and the talented employee base at Princess Yachts.”

Paul, Weiss, Rifkind, Wharton & Garrison served as legal counsel to KPS.

KPS is a global private equity firm headquartered in New York. The firm is the manager of KPS Special Situations Funds, a family of investment funds with more than $14.4 billion of assets as of 30 September 2022.

Macquarie Capital and Latham & Watkins were the financial advisor and legal counsel, respectively, to Princess Yachts.