PARIS, June 3 (Reuters) - L Capital, an investment fund sponsored by the French luxury group LVMH (LVMH.PA), is buying Princess Yachts International of Britain in a deal worth about 200 million pounds ($393.3 million), it said on Tuesday.
Financial terms were not disclosed.
L Capital, which is also making investments for the Arnault Group, the holding company of LVMH Chief Executive Bernard Arnault, would only say that it had partnered with co-investors including the Belgian Group Cobepa.
It said it was raising debt from the investment bank Calyon to help fund the deal. The 200 million pound figure includes debt. L Capital declined to give a value for Princess’s equity.
In a statement, L Capital said it controlled more than 70 percent of Princess Yachts’ voting rights.
Princess Yachts are among the top world players in Europe and are currently moving into the stronger and more dynamic larger boats segment (greater than 80 feet), which have been less impacted by the global economic crisis.
“This new partnership will bring many opportunities for Princess,” David King, Managing Director and founder of Princess, said in a statement. (Reporting by Jessica Mead and Astrid Wendlandt; Editing by David Cowell)