China’s Dalian Wanda buys PE-backed yachtmaker Sunseeker
Dalian Wanda Group has sealed a deal to acquire a 91.81% stake in Britain’s largest luxury yachtmaker Sunseeker – backed by Irish private equity firm FL partners - for GBP320 million ($495 million). The deal is expected to close by mid-August.
Wanda has also reached an agreement with Irish developer Green Property to build a luxury hotel in Central London for GBP700 million ($1.08 billion), a statement said.
"Acquiring Sunseeker deepens Wanda's international influence, further enhances our position in the global luxury, entertainment and tourism markets, and represents an important step forward for the overall development of our business," said Wang Jianlin, the chairman and founder of Wanda. "With the committed support of Wanda, Sunseeker is well-placed to take full advantage of opportunities in China, one of the world's fastest growing luxury yacht markets. We are confident that this will bring Sunseeker's business to the next level."
Two years ago he bought Sunseeker Predator 108 Special Edition, best known from James Bond movie Quantum of Solace. Under Wanda ownership, Sunseeker will remain a British company, headquartered in Poole, Dorset, with its existing production bases in the UK and current workforce.
Puji Capital served as financial advisor in relation to the transaction. It was said FL began talks with Wanda late last year. The PE firm took over the yacht maker in 2010 in a debt restructuring deal after the company slumped to a loss the year before. Last year, Wanda completed the takeover of a US movie theater operator AMC Entertainment for $2.6 billion, facilitating the exit of five private equity owners after an eight-year holding period.
Wanda isn't the only Chinese investor to pick up a yacht maker. In 2011, state-owned Shandong Heavy Industry acquired Italy's Ferretti for EUR178 million ($228 million) from creditors. London-based private equity group Candover Investments had previously purchased majority control of the company.
Chinese appetite for European assets is growing as investors try to gain an advantage over their competitors at home. Last month, Chinese conglomerate Fosun International and Axa private equity submitted a friendly takeover bid for French-based vacation resorts operator Club Méditerranée (Club Med). It values the company at EUR556 million ($700 million).
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.