Star Capital Partners, which recently acquired Blohm+Voss, wants megayacht buyers, their brokers, and the megayacht industry at large to know it’s serious about its investment.
According to Superyacht Business magazine, Herbert Aly, Blohm+Voss’ managing director, is more than happy with Star Capital Partners and its CEO, Tony Mallin. At a special presentation in London this week, Aly explained that Blohm+Voss’ previous parent company, ThyssenKrupp Marine Systems, “lost all of its appetite for building superyachts” and that Mallin was a “savior,” Superyacht Business quotes him as saying.
Facts certainly back up Aly’s first statement. ThyssenKrupp had been searching for a buyer for its non-military divisions for some time, due to the financial crisis. It had initially signed a deal with Abu Dhabi Mar in 2009, but last summer the two sides parted ways, failing to reach consensus. Star Capital Partners signed a letter of intent with ThyssenKrupp in December, receiving regulators’ approval and finalizing the deal three months ago. As for the “savior” reference, it’s not much of a stretch, given that Blohm+Voss’ focus was something that ThyssenKrupp was no longer interested in.
During the presentation in London, Mallin stated that the investment isn’t just on a corporate level, it’s also a personal one. “I bought Blohm+Voss because it was a globally acclaimed, quality brand,” Superyacht Business quotes him as saying. “With this stability we can help it improve, until new owners take over. How long that will be is difficult to say—perhaps 10 years—but my personal commitment is quite clear, as my own capital is now invested in the yard.” (Don’t read much into the reference to eventual new owners. Founded in 2000, Star Capital Partners invests in businesses primarily to inject funds to drive growth.)
Besides the yacht division, the Blohm+Voss businesses that Star Capital Partners acquired from ThyssenKrupp are Blohm+Voss Industries, a provider of highly complex marine components; Blohm+Voss Repair, a ship repair and conversion business; and Blohm+ Voss Oil Tools, which provides pipe-handling equipment in the oil and gas sector. Taken together, the businesses have reported annual revenues of around €400 million (nearly $528.2 million).
“Behind the scenes there is a great deal of activity going on, and it all points to the fact that Blohm+Voss is not just back in the market place, it is also very much open for business,” Mallin further was quoted as saying. He added that that a yacht exeeding 262 feet (80 meters) was under construction and that discussions were underway for a 426-footer (130-meter).
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