In November 2010, Fairline's previous owner, private equity group 3i, announced that it was looking at "strategic options" for the business.
Better Capital Ltd has announced that a company wholly owned by BECAP Fund LP has reached an agreement with the Royal Bank of Scotland plc to acquire a majority stake in Masco 30 Ltd, a new company set up for the purpose of acquiring Fairline. Under the agreement, West Register (Investments) Ltd, a company owned by RBS, will acquire a minority stake in Masco 30 Ltd.
Fairline, headquartered in Oundle, Northamptonshire, UK, specialises in the design and manufacture of luxury boats in the 38-80 ft range.
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, Head of Portfolio at Better Capital LLP, will join the Fairline board as Chairman.
