Blohm+Voss sold to UK investment company
Blohm+Voss has, at last, found a buyer
ThyssenKrupp of Germany has announced that on 11 December it concluded a purchase and sale agreement for its civil shipbuilding activities, with UK-based investment company Star Capital Partners.
ThyssenKrupp says it had previously decided on an integrated strategic development programme to optimise its portfolio and divest itself of businesses for which it saw stronger alternative strategic options. One such business area was ThyssenKrupp Marine Systems’ civil shipbuilding companies, and as a result Star Capital Partners has purchased Blohm + Voss Shipyards, Blohm + Voss Repair (including Blohm + Voss Oil Tools) and Blohm + Voss Industries as well as their subsidiaries. Star Capital Partners will continue the operations at all sites.
According to Dr. Hans Christoph Atzpodien, CEO of ThyssenKrupp Marine Systems: “The sale is an important step in further focusing the activities of ThyssenKrupp Marine Systems. At the same time, the change of owner will help secure jobs and the future of shipbuilding at the various Blohm + Voss sites.”
Star Capital Partners describes itself as an independent investment fund manager with over €1 billion of equity funds under management. It was established in 2000, and focuses on acting as a capital partner, looking in particular to invest in Western European activities with enterprise value in the range of €100 million to €1 billion, in sectors including oil & gas and transport.
The transaction is subject to the approval of the supervisory bodies and competition authorities and to approval under Germany’s Foreign Trade Law (AWG). The deal is expected to be finalised in the first quarter of 2012. ThyssenKrupp says it will continue with military surface vessel and submarine construction.
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