3i backed a management buyout of Fairline Boats, the UK based manufacturer of leisure power boats, from Renwick Group PLC for a consideration of £40m. 3i has backed the incumbent six-strong management team, including CEO Derek Carter and FD Alan Bowers. David Hoare, who has worked with 3i before, becomes non-executive chairman.
“This was a proprietary deal, sourced as a result of 3i’s network,” said Mark Dickinson of 3i, who will also join the board.
Fairline is a power boat brand specialising in the manufacture and distribution of boats in the 34 to 74 foot range through an independent dealer network in 70 locations worldwide. Royal Bank of Scotland arranged the debt.
3i was advised by Travers Smith on the transaction. Boyce Hatton acted for Renwick Group, while SJ Berwin advised management. DLA Piper Rudnick provided legal advice to Bank of Scotland.