This is Balmoral’s second deal in this sector, having bought Italian motor boat maker Canados last year. Balmoral was set-up by former Credit Suisse First Boston executives Richard Winckles and Alec D’Janoeff.
Winckles said: “Oyster is a remarkably successful global business in the up-market luxury sailing boat segment that we are proud to acquire.”
Oyster Marine chairman and founder Richard Matthews said: “I will be staying on as chairman and CEO and it will be business as usual for Oyster’s staff.”
Graham Randell, senior managing director of CIT Leveraged Finance Europe, said: “The private equity middle market has continued to offer a healthy pipeline of acquisition opportunities and we are delighted to have completed our first lead deal in 2008 with Balmoral.”
Chris Jackson, CIT managing director, who led the deal, said: “The commercial due diligence suggested that the business is recession resilient. In addition, the business has an impressive forward order book, so we were happy to underwrite this deal.”
He added that the cost of the debt was slightly more expensive than would have been available a year ago, saying: “Pricing has gone up materially as a reflection of the market today. That said, the lower mid-market is resilient, even if the amount of club deals is delaying transactions.”
In October 2006,
Fellow private equity firm
Large motor-boat maker