Bavaria yachts sold: 800 jobs secured
Bavaria Yachts has been bought out of administration by a private equity fund.
The yacht builder went into self-administration in April 2018, and has been looking for new backers since then. The move allowed the firm's management to remain operational while new investors were sought.
In a statement, Bavaria said the unnamed private equity fund, which is advised by the Berlin-based investment company CMP Capital Management-Partners, has acquired Bavaria Yachts and all of the shares in the French subsidiary Bavaria Catamarans SAS.
All 550 employees of Bavaria Yachts in Giebelstadt, and all 250 employees of Bavaria Catamarans in Rochefort, will keep their jobs.
The purchase will be completed after merger control clearance by the German Federal Cartel Office, which is expected in a couple of weeks.
Both parties have agreed not to disclose the purchase price
CMP Capital ManagementPartners is a German investment company that has specialised in the acquisition of companies in distress in Germany, Austria and Switzerland since its foundation in 2000. Restructuring expert and partner at CMP, Dr. Ralph Kudla, will join Bavaria’s executive board.
The managing director of CMP Capital ManagementPartners, Kai Brandes, said: 'We are convinced of Bavaria's global market potential and will sustainably develop the company. The restructuring measures will focus on regaining market share and improving production costs.
Bavaria's new owners will be looking at improving production costs