UK private equity firm Better Capital PCC has acquired the Royal Bank of Scotland’s minority shareholding in Fairline Boats. Better Capital is now sole owner of the UK-based yard.
BECAP Fund, which is managed by Better Capital, committed up to £7.1m to effect the acquisition and to support the final stages of Fairline’s operational restructuring.
Better Capital bought Fairline from previous owner 3i in a joint venture with the Royal Bank of Scotland in 2011. Since then, Fairline has invested significantly in a turnaround programme that allowed it to improve its manufacturing facility in Corby.
Fairline builds open, hardtop and flybridge luxury motorboats from 38ft-78ft in length. The company’s latest financial accounts, filed for the year ended December 2012, indicate the builder’s turnover was up 4% to £82.6m on the sale of 138 boats for the year, compared to £79.2m in turnover on the sale of 146 boats in 2011.