Merger of German luxury superyacht giants Blohm+Voss and Luerssen Group steams ahead
Two of the world’s largest superyacht makers are set to merge after private equity group Star Capital agreed to sell German shipbuilder Blohm+Voss to fellow German boat specialist Luerssen Group.
Star Capital bought the group of four Blohm+Voss businesses in 2011 from German steel major ThyssenKrupp and quickly offloaded two businesses, a marine components maker and an oil tools arm, that were unrelated to its shipbuilding.
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It later merged the group’s repair and shipbuilding operations into one entity. Blohm+Voss now primarily focuses on the building, maintenance and repair of naval vessels and luxury ships favoured by high net worth individuals.
In 2009, the company built the world’s second largest yacht, the Eclipse, for Russian oligarch and Chelsea owner Roman Abramovich.
Star did not reveal how much it had cost for Blohm+Voss and Luerssen Group to tie the knot.
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The transaction will be subject to the approval of the German Federal Cartel Office.
“In addition to creating strong returns for our investors from these four businesses, we are pleased to be playing a role in helping to create a German national champion in naval and civil shipbuilding and look forward to seeing the combined business achieve considerable success under Luerssen’s ownership,” said Tony Mallin, chairman of Star.