STAR sails off with yacht-builder

UK-headquartered buyout firm STAR Capital Partners has acquired a suite of four companies, including a luxury yacht-builder, for €180m.

STAR Capital Partners has bought four businesses in the marine sector from Germany industrial conglomerate ThyssenKrupp Marine Systems. Although the parties did not disclose the sale price, a source close to the situation said the enterprise value for the deal stood at approximately €180 million.

The investment was made using capital from STAR II, the firm’s 2010 buyout fund which counts influential Dutch pension fund PGGM amongst its investors, according to research provider Private Equity Connect.

The businesses acquired are Blohm & Voss Shipyards, which builds luxury mega-yachts; Blohm & Voss Industries, which makes complex marine components; Blohm & Voss Repair, a marine maintenance business; and Blohm & Voss Oil Tools, which provides pipe-handling equipment for the oil and gas sector.

The combined group has annual revenues of about €400 million, with more than 1,500 employees principally based in Hamburg, STAR said in a statement.

The group’s current management team, led by chief executive Herby Aly, will continue to run the business, STAR said.

Tony Mallin, chief executive of Star Capital, said: “We are pleased to have acquired a world class German engineering business; one in which we intend to invest by providing a significant capital commitment to drive growth and job creation.”

The deal is STAR’s sixth in Germany, with its other investments including those in waste recycling company BUS group and public transport operator Abellio.