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12 Jul 2011 16:41
BETTER CAPITAL LIMITED
ACQUISITION 12 July 2011
Better Capital Limited (the "Company") is pleased to announce that a company wholly owned by BECAP Fund LP ("BECAP"), has reached a formal agreement with the Royal Bank of Scotland Plc ("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 £16.6 million and £3.9 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.
Enquiries:
Better Capital Limited
+44 (0) 14 8171 6000
Mark Huntley (Director)
Laurence McNairn (Administrator and Company Secretary)
Better Capital LLP
+44 (0)20 7440 0840
Jon Moulton (Chairman)
Mark Aldridge (CEO)
Numis Securities Limited
+44 (0)20 7260 1000
Nathan Brown
Oliver Hardy
Powerscourt
+44 (0) 20 7250 1446
Roddy Cameron
Jon Earl
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