Britain’s biggest luxury yacht-builder is being sold to new private equity backers 15 years after it last changed hands.

Sky News has learnt that Princess Yachts, which is based in Plymouth, is being sold to KPS Capital Partners, a US-headquartered investor which specialises in owning manufacturing businesses.

Sources said a deal could be struck as soon as this week.

Among KPS’s previous investments was TaylorMade, the global golf equipment maker.

Princess was put up for sale last year even as a string of the world’s most valuable private vessels were being seized by governments clamping down on their sanctioned Russian owners.

L Catterton, the consumer goods-focused private equity group, has owned Princess since 2008.

The yacht-builder was founded in 1965, and distributes through a 50-strong global network.

Crisis deepens at MJ Hudson as auditor EY resigns 

Royal warrant-holder Hunter Boot on brink of £7m funding lifeline

Xbox boss says ‘there’s no silver bullet’ to solving online abuse – but outlines commitment to safety

It is said to have a robust order book and roughly £300m in annual revenue.

Princess’s boats have become symbols of luxury among the world’s super-rich, although during the pandemic, it negotiated a cash injection from its controlling shareholder, as well as a refinancing of its debt.

None of those involved in the deal could be reached for comment on Monday morning.

Related posts:

LCF scandal: MPs question if City watchdog would meet its own accountability standards Amazon and Google investigated over efforts to tackle fake reviews Premier Miton approaches R&M about asset management merger US, China and UK among nations joining forces in bid to ease oil prices Oil soars back above $105 as Ukraine crisis sanctions intensify Bain and CVC abandon £6bn pursuit of high street chemist Boots Apple stops all product sales in Russia as RT and Sputnik removed from App Store House prices growing at fastest rate since 2004 Fracking U-turn as Cuadrilla’s UK wells given stay of execution by regulator Ex-ASOS chief Beighton to take reins at Matchesfashion Discount given to households that cut peak time energy use rises from 52p to £3 Moody’s rating agency cuts UK outlook to negative