HanseYachts completes acquisition of French builder

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Privilège 580

Privilège 580

HanseYachts said it has acquired all shares in Privilège Marine Holding GmbH from HY Beteiligungs GmbH. The acquisition price of $555,000 (500,000 euros) also included the possibility of payments up to another $666,000 (600,000 euro) if certain growth targets are met.

“The deal was mainly financed by the issue of new HanseYachts shares in the course of a capital increase through contributions in kind,” said a statement from the German builder. “To avoid dilution, we are now offering all shareholders the opportunity to subscribe at the same attractive price of EUR 5.75 per share.”

Privilège will continue to build boats from its facility in Les Sables-d'Olonne, France, and will retain its 150 workers. The 30-year-old company builds six catamaran models from 50 to 75 feet in length.

Three new models were designed for the French builder by HanseYachts, which was a partial owner before the buyout. The company says that Privilège has an order book of $28.9 million (26 million euros). HanseYachts, with six boat brands, has total group sales of $166.5 million (150 million euros).

"For eight years in a row HanseYachts AG was able to grow its turnover by 9 to 15 million euro [$10 to $16.6 million] per year,” said the statement. “In order to be able to continue such dynamic growth, we need a new brand from time to time. With our experienced development department in Germany, we fill this with new products and new life. After positive experiences with the new brands Dehler and Sealine in past years, Privilège will now continue this successful strategy.” 

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