OUNDLE, U.K. - Fairline Boats PLC, a U.K.-based designer and manufacturer of luxury performance motor boats, has been bought out by The Renwick Group PLC in a deal worth £40 million, the company reported in a recent statement.
The management team buy-out, headed by CEO Derek Carter and Financial Director Alan Bowers, is backed by European private equity company, 3i, and was completed May 31.
“Along with my management team, I am delighted to have had the opportunity to invest in a prestigious company such as Fairline with our equity partners 3i,” Carter said. “Fairline's plans for the future are tremendously exciting. We will continue to design and manufacture quality, class-leading luxury motor boats thanks to a highly skilled workforce of 1,100 personnel at our bases in Oundle and Corby. Around 95 percent of the 300 or so boats we sell each year are exported and we are committed to seek new markets and grow Fairline into a prestige global brand.”
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