French billionaire Bernard Arnualt has sealed a £200 million deal which will see the purchase of boat builder Princess Yachts by his L Capital investment group and LVMH luxury products company.
The deal has been coined a “golden opportunity” for Princess Yachts and its 1,935 employees.
“This is great news,” said Dave Springbett of Unite union. “LMVH is a big player in the luxury goods market and Princess Yachts fits in beautifully… They want to grow this company and make it a world leader.”
Meanwhile, Princess Yachts founder and managing director David King highlighted the range of opportunities that would become available to the company as a result of the move. “We could not have found a better partner who shares our vision for growth and who will help us develop a standalone business that benefits from the expertise of its sponsors.”