Bavaria Acquired by CMP Capital Management Partners

17th September 2018

Bavaria Acquired by CMP Capital Management Partners

German private equity firm CMP Capital Management Partners (CMP) is to become the new owner of Bavaria Yachtbau; one of the yachting industry’s most high-profile builders of motorboats, sailboats and catamarans.

The manufacturer fell into administration earlier this year but was able to strike a temporary deal to maintain operations to fulfil a sizable order book until a new backer could be found. Bavaria has delivered around 200 boats since the insolvency petition in April.

CMP has announced that it will acquire the entire Bavaria Yachtbau business including all shares in French subsidiary Bavaria Catamarans S.A.S from Oaktree Capital and Anchorage Capital, which bought the business in October 2009 for approximately €300m. The acquisition at that time included a cash injection of €55m and the previous owner Bain Capital’s write-down of debt facilities in all totalling about €960m at the time.

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According to the company statement, the deal between Bavaria’s management and CMP was approved by the creditors’ committee and Bavaria’s administrator Dr. Hubert Ampferl, however the purchase can only be completed after merger control clearance by the German Federal Cartel Office, which is expected to be in a couple of weeks.

All 550 employees at the Giebelstadt plant in Germany and all 250 employees at the catamaran production facility in Rochefort, France will transfer to the purchaser. CMP will assume on-site operational management led by restructuring expert and partner Dr Ralph Kudla who will join the executive board.

About Bavaria Yachtbau

Started in 1978, Bavaria was building around 3,500 yachts per year at Giebelstadt, with sales of €271m for the 2006 fiscal year, and €79m in earnings before interest, tax, depreciation and amortisation (EBITDA).

When sold in 2007 for a reported €1.3 billion to Bain Capital – the industry’s second highest-ever purchase valuation after Candover’s 2006 acquisition of 60% of the Ferretti Group for €1.7bn – the company was owned by two equal shareholders, the wife of founder and then managing director Winfried Herrman, and his partner Josef Meltl who rescued the company in the mid-1980s during another period of financial difficulties by purchasing some 300 unsold stock boats.

About CMP Capital Management Partners

Founded in 2000, CMP Capital Management Partners is a German investment company that specialises in the acquisition of distressed companies in turnaround situations and restructuring investments in mid-size companies based in Germany, Austria and Switzerland.

CMP describes itself as a “temporary partner” that helps companies emerge from a crisis in order to grow again after a period of stabilisation. Typically, CMP aims for a holding period of three to seven years.


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