Balmoral buys yacht maker

Balmoral Capital has agreed to buy Oyster Marine, an Ipswich based yacht maker. Oyster Marine builds yachts worth up to £4m and last year made £50m total sales.

This is Balmoral’s second deal in this sector, having bought Italian motor boat maker Canados last year. The firm 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”.

CIT Capital Finance provided both senior and mezzanine debt for the deal

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.”