Blohm+Voss’ civil operations, which include Blohm+Voss’ megayacht construction division in Hamburg, Germany (pictured), are being sold to Star Capital Partners, a UK-based investment fund manager.
Founded in 2000, Star Capital Partners invests in diverse businesses, primarily in the oil and gas, transportation, utilities, telecommunications, and healthcare industries. It signed a letter of intent with Blohm+Voss’ parent company, ThyssenKrupp Marine Systems, yesterday. If regulators approve the deal, the acquisition of Blohm+Voss’ megayacht operations will be finalized early next year.
ThyssenKrupp Marine Systems has been searching for a buyer for its non-military divisions for some time, due to the financial crisis. While ThyssenKrupp initially struck a deal with Abu Dhabi Mar in 2009, this past July, the sale of Blohm+Voss fell through. Star Capital was mentioned as a potential suitor in a few subsequent news reports, but neither ThyssenKrupp nor the company itself would comment until now.
Star Capital will make “a significant capital commitment” to Blohm+Voss to grow the business, according to Tony Mallin, Star Capital’s CEO. Blohm+Voss’ current management team will stay intact, with a Star Capital adviser joining the board of directors.
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