Oyster Marine sold to Balmoral Capital

Mathews: 'business as usual'

COMPANY SALE: Oyster Marine has been sold to UK based private equity fund Balmoral Capital for an undisclosed sum. The company was founded in 1973 by current chairman Richard Matthews.

Oyster has twice been awarded the Queen’s Award for Industry. The company's current yacht range starts at 46 feet and includes two new superyacht models, the Oyster 100 and 125, which will be launched in 2010 and 2011.

There are almost 1,200 Oyster yachts in commission and the company has a strong forward order book and annual sales in excess of £50m.

In 2008 the company reported a very active Collins Stewart London Boat Show with enquiries substantially ahead of last year for new yachts and for the expanding fleet of Oysters available for charter.

'I will be staying on as chairman and CEO and it will be business as usual for Oyster’s staff,' said Matthews. 'We will maintain our ongoing commitment to providing great service for our owners and continuity to the ''family'' of key subcontractors who are such an important part of our future.'

The transaction included Oyster Marine Ltd with offices in Ipswich and Newport Rhode Island, USA and the associated businesses of Oyster Brokerage and Southampton Yacht Services.

Balmoral Capital, co-founded by Richard Winckles and Alec D’Janoeff, specialises in control investments in companies which have potential to grow and create value in the European mid market.

Businesses acquired by Balmoral typically have an enterprise value of between €30 million to €350 million. Balmoral Capital also owns Canados, the Italian manufacturer of luxury, 70’ -110’ flybridge and sports motor yachts.

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