The boatbuilder, Bavaria Yachts, which went into administration in April this year, has been sold to a private equity fund advised by German based CMP Capital Management-Partners. The acquisition includes Bavaria Yachts with its 550 staff and all the shares in its subsidiary Bavaria Catamarans that employs 250 people.
The purchase will be completed after merger control clearance by the German Federal Cartel Office – expected in a couple of weeks.
“We are convinced of Bavaria’s global market potential and will sustainably develop the company,” said Kai Brandes, CMP Capital Management-Partners MD. “The restructuring measures will focus on regaining market share and improving production costs.”
Restructuring expert Dr Tobias Brinkmann, Bavaria Yachts MD since insolvency proceedings began, added: “Bavaria is an outstanding company with a strong brand, compelling products and a highly dedicated team. We are pleased to have found a well-known and experienced buyer in CMP who will lead Bavaria into the future.”
CMP’s private equity funds are advised by Berlin-based CMP Capital Management-Partners. With the investment in a company, CMP employees assume operative management responsibilities on site.
In the case of Bavaria, Dr Ralph Kudla, restructuring expert and partner at CMP, will join the executive board.
Bavaria Yachts has continued to operate throughout the period of administration with 220 yachts built and delivered.