Fairline snapped up in £20m deal
Fairline Boat Acquisitions, based in Oundle, Northamptonshire, has been acquired by Masco 30 Limited, a company set up solely for the transaction. BECAP Fund and the Royal Bank of Scotland (RBS) have funded the deal with a combined investment of more than £20m.
The deal was agreed between BECAP Fund and RBS to acquire a majority stake in Masco 30, a company set up solely for the purpose of acquiring 100 per cent of the share capital of Fairline and its subsidiaries.
BECAP and RBS have committed £16.6m and £3.9m respectively to finance the transaction and to fund restructuring and working capital requirements.
Under the agreement, West Register (Investments), a company owned by RBS, will acquire a minority stake in Masco 30.
Fairline specialises in the design, engineering, manufacture and distribution of luxury boats.
Nick Sanders, a member of Better Capital LLP - owner of BECAP, will join the Fairline Group board as chairman.
