Dalian Wanda Group buys Sunseeker from FL Partners

The buyer is to acquire 91.81% of the firm, with the remaining stake to be bought by the company's management.

The transaction is valued at £320m and is expected to close by mid-August.

Wanda was attracted by the prospect of strengthening its position in the global luxury, entertainment and tourism markets. Sunseeker will follow a plan for expansion into China following the deal.

Previous funding
In July 2010, FL Partners backed the management buyout of Sunseeker in a deal estimated to be worth more than £65m. The GP acquired a majority stake in the firm, investing £25m in equity alongside a number of UK and Irish investors, following a limited auction run by Deloitte.

The deal was supported by a debt package of around £40m provided by Macquarie Bank and Haymarket Financial.

In 2006, Bank of Scotland Corporate provided the company with an equity and debt package in exchange for a minority stake in the business. 

Company
Based in Poole, Dorset, and founded in 1979, Sunseeker is a luxury motor yacht maker. The firm now designs and produces yachts, but began operating as an importer and distributor of boats from Scandinavia and the US.

Sunseeker exports 98% of the vessels produced in its Poole and Portland factories to around 61 countries across five continents. The company employs around 2,500 staff.

People
Peter Crowley and Neill Hughes led the 2010 buyout for FL Partners and joined the Sunseeker board. Robert Braithwaite is co-founder of the company.

Advisers
Acquirer – Freshfields Bruckhaus Deringer (Legal); Ernst & Young (Corporate finance); Puji Capital (Corporate finance).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• UK / Ireland
• Consumer
• Exits
• United Kingdom
• FL Partners
• Trade sale