29 Sep 2015 11:04
BETTER CAPITAL PCC LIMITED 2009 Cell
29 September 2015
Sale of Fairline
The board of Better Capital PCC Limited has been advised by the General Partner of BECAP Fund LP (the "2009 Fund") of the sale of the entire issued share capital of Fairline Boats Limited ("Fairline") to a newly formed special purpose acquisition vehicle affiliated with the Wessex Bristol group of companies ("Wessex Bristol") for a modest deferred consideration. A further description of the transaction will be available in due course.
Fairline specialises in the design, engineering, manufacture and distribution of luxury boats. The business was jointly acquired by the 2009 Fund and West Register Investments Limited in July 2011. Under Better Capital's ownership, there has been substantial investment. The General Partner, having consideration of the optimal outcomes for Fairline and the 2009 Cell Shareholders, has agreed to the sale of Fairline to Wessex Bristol. The buyer has agreed to provide further funding into Fairline and is committed to taking Fairline on its next stage of growth, leveraging on the strong following the brand still enjoys and the new 53-foot model launched recently at the Southampton Boat Show.
Fairline was valued at £13.5 million at the last 2009 Fund valuation as at 31 March 2015.
The Directors wish the business and its employees every success under its new ownership.
Enquiries:
Better Capital PCC Limited +44 (0) 1481 716 000
Mark Huntley (Administrator and Company Secretary)
Better Capital LLP +44 (0) 20 7440 0840
Simon Pilling (CEO)
Bonnie Kraus (Investor Relations)
Powerscourt +44 (0) 20 7549 0999
Justin Griffiths