3i backs management buyout of Fairline Boats Plc

3i, Europe's leading private equity company, today announced it has backed a management buyout of Fairline Boats, the UK based manufacturer of leisure power boats, from The Renwick Group Plc, for a consideration of £40 million.

3i has backed the incumbent six-strong management team, including CEO Derek Carter, FD Alan Bowers. It has appointed David Hoare, who has worked with 3i before, as non-executive Chairman.

Based in Oundle and Corby in Northamptonshire, Fairline is one of the world''s leading powerboat brands with forty years standing in the international powerboat market, specialising in the manufacture and distribution of boats in the 34 to 74 foot range.  Fairline''s premium products are renowned for their style, performance, quality and are sold through an exclusive, independent dealer network in 70 locations worldwide. 

Mark Dickinson of 3i, who will join the Board, said: "This was a proprietary deal, sourced as a result of 3i''s unrivalled network and was executed quickly and efficiently.  We will continue to support management''s recently introduced Lean Manufacturing and Supply Chain programmes and expect to invest further funds in due course to support the building of a new facility to increase the number of product lines that Fairline produces."
Commenting on the management buyout, Derek Carter said: "We are delighted to have had the opportunity to invest in the business with equity partners 3i.  Fairline''s plans for the future will ensure the Company goes from strength to strength, complemented by its skilled workforce, industry leading dealer network and professional supplier base." 

David Burnham, director of The Renwick Group, said: "This attractive opportunity was presented to us by the management of Fairline and we were pleased to facilitate the sale."

The Royal Bank of Scotland arranged the debt and will continue as the company''s bankers.