Princess Yachts to be sold to KPS Capital Partners - report

Princess Yachts, Britain’s biggest luxury yacht builder, is reportedly being sold to new private equity backers 15 years after it last changed hands.

According to Sky News, the Plymouth-based company is being sold to KPS Capital Partners, a US-based investor which specialises in owning manufacturing businesses.

Sources told Sky said a deal could be struck as soon as this week.

Among KPS's previous investments was TaylorMade, the global golf equipment maker.

Princess was put up for sale last year even as a string of the world's most valuable private vessels were being seized by governments clamping down on their sanctioned Russian owners.

Consumer goods-focused private equity firm L Catterton has owned Princess since 2008.

The yacht-builder was founded in 1965, and distributes through a 50-strong global network.

It is said to have a robust order book and roughly £300m in annual revenue.