British buyout firm buys Bismarck shipbuilder
Tuesday 13 December 2011
The British private equity investor Star Capital yesterday paid €150m (£127m) for the Hamburg shipbuilder which built the Bismarck battleship and Roman Abramovich's Eclipse superyacht.
Star snapped up three marine businesses from the German industrial giant ThyssenKrupp, including the yacht-builder Blohm + Voss Shipyards, Blohm + Voss Repair, which refits cruise liners including the Queen Mary 2, and Blohm + Voss Industries, which makes components for oil and gas rigs. The businesses together bring in revenues of €400m a year and employ more than 1,500 people, mostly in Hamburg. Insiders said Star had paid an enterprise value – including debt and other liabilities – of €150m.
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