A company wholly owned by Better Capital Limited’s BECAP Fund has reached a formal agreement with the Royal Bank of Scotland (RBS), to acquire a majority stake in Masco 30 Limited, a new company set up solely for the purpose of acquiring 100% of the share capital of Fairline Boat Acquisitions Limited (Fairline) and its subsidiaries (together the Fairline Group).
Under the agreement, West Register (Investments) Limited, a company owned by RBS, will acquire a minority stake in Masco 30 Limited.
Fairline is a leading global brand specialising in the design, engineering, manufacture and distribution of luxury boats in the range of 38 to 80 feet. It sells its boats through an extensive independent dealer network in 69 locations worldwide and is headquartered in Oundle, Northamptonshire.
BECAP and RBS have committed GBP16.6 million and GBP3.9 million respectively to finance the transaction and to fund restructuring and working capital requirements.
Nick Sanders, a member of Better Capital LLP, will join the Fairline Group board as Chairman.
