The businesses inlcude Blohm & Voss Industries, a provider of complex marine components; Blohm & Voss Repair , a ship repair and conversion business; Blohm & Voss Oil Tools, a provider of pipe-handling equipment in the oil and gas sector; and Blohm & Voss Shipyards, a shipbuilder focused on luxury yachts. The group has annual revenues of around €400m and has over 1,500 employees, mostly in Hamburg.
The newly acquired business will continue to be run by its management team, led by Dr Herbert Aly, Group CEO. Following the deal, one of Star Capital’s advisers, Ernst von Freyberg, will join the board as non-executive chairman. He was previously the vice chairman of the supervisory board of Blohm+Voss Holdings.
Aly said, “I have built a strong working relationship with Star Capital over the last few months and I am looking forward to working with their investment team in order to make the business even stronger. Opportunities exist in each of the markets within which the businesses operate. We hope to take advantage of these opportunities with the backing of our new owners who share our vision for the business.”
Today’s announcement marks the 6th acquisition completed by STAR Capital in Germany, following its investments in BUS Group, GWE, Abellio, GSES, Alloheim Senioren-Residenzen and Pepcom.
Copyright © 2011 AltAssets