princess yachts ltd

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Inside Princess Yachts: How are they built

Saturday 30th November 2019

The sports boat and motoryacht market is by no means deficient in boat buying options. The modern buyer is now able to explore a vast range of designers, builders and brands in a bid to tailor his boat to his favoured marine application before committing to a decision. In terms of choice and accessibility, that certainly has its merits, but as we continue to see established brands taking ever greater advantage of the production efficiencies offered by third-party suppliers, overseas workforces and shared construction facilities, a builder like Princess Yachts stands out as markedly different.

Based in Plymouth at the traditional maritime hub of England’s southwest, Princess Yachts expanded fast after the original founder moved into a rental shed on an offshoot of the River Tamar back in 1965. By the time the company had reached its 40 th anniversary in 2005, it boasted 81,000 square metres of space, 1,450 employees and global sales in excess of £140 million. And following its entry into the superyacht sector in 2011 with the first of the new M Class yachts, it continued to expand. The company we see today employs more than 3000 people across seven manufacturing plants and has raised production from 230 boats a year to more than 300. And yet the story of yacht production at Princess is not defined by scale of operations or speed of production. It’s defined by culture, process and mindset…  

Keeping it in-house One of the most fundamental differences at Princess Yachts is the fact that the company designs and builds 80% of its components in-house. There’s an argument that the yard’s relative geographical isolation has compelled it to become self-sufficient over the years but whatever the truth might be, Princess now runs dedicated in-house departments for a variety of specialist tasks that most builders are compelled to outsource. For instance, Princess operates its own mould shop, where it builds its own plugs with a pair of five-axis cutting machines and uses resin infusion to create everything from its decks and structures to the hull of its 40-metre flagship. The fact that the process is controlled by computer and put under vacuum helps ensure exact fibre-to-resin ratios for greater consistency, stiffness and strength. And in addition to reducing weight for uprated on-water speed and efficiency, the absence of cumbersome stiffening beams helps optimise internal volume for increased space and versatility. Princess also runs a dedicated metal shop, where all the stainless steel fittings are built, as well as its own specialist loom shop. Here, specialist technicians pre-assemble all the required wiring harnesses in preparation for the fit-out of a yacht – and while that gives Princess the ability to alter designs mid-build, it also enables them to incorporate customer requests with far greater flexibility than other yacht builders can achieve. One of the yard’s most impressive assets, however, is its furniture shop. This bustling department is responsible for building all the timber elements of a Princess yacht, including the structural pieces, bulkheads, sidelinings and headlinings. And whether fixed or freestanding, it also builds the furniture from scratch, enabling it to optimise continuity throughout each yacht by using timber of precisely the same grain texture, pattern and colour. As Paul Bailey, Commercial and Technical Manager at Princess Motor Yacht Sales, points out: “This stuff is not sourced off the shelf at the same impersonal third-party plant that other manufacturers might use. It’s designed and built by Princess’s own craftsmen, so whether a customer chooses to spec up his boat or buy the ‘standard’ package, a Princess yacht will always have the feeling of something special; something unique; something much more artisan and bespoke than you might experience from other builders.”

Creating a culture of quality One of the key drivers behind Princess’s fastidious approach is the Chairman, Anthony Sheriff. Having come from an automotive background, he invested heavily in a quality management system based around a process known as ‘No Fault Forward’. This involved rooting out any faults early on in the build process, so they could be remedied before the issue was passed forward onto subsequent production stages. Its effective integration would require a very structured and transparent approach to problem solving, so he established a dedicated Quality Control Division that has since grown from six people to around 30. The idea behind this investment was to transform ‘quality’ from a formal manufacturing protocol into a culturally ingrained attitude inhabited by everyone at Princess Yachts – and to help achieve that, the quality division is involved throughout the entire process, from the moment a build begins right through to a yacht’s entry to market. The division’s personnel go out on the boats themselves; they talk to the test engineers and the boat management professionals; they do everything they can to understand the customer experience because getting things completely right is the means by which Princess aims to differentiate itself from the competition. The team have an inspiring approach to the yacht design, the most striking exponents being the company’s full-scale mock-ups. To ensure that a new design works properly, the entire boat is built from plywood in exhaustive detail, enabling the designers to step on board and examine it first-hand – to explore head heights, door openings, spatial arrangements and furniture; to think about materials and real human usability.  It enables them to inhabit the space and get a genuine feel for it in a way that a 3D CAD drawing can never achieve. Things can then be tweaked before the final design is put into production and while it does of course involve a highly skilled and labour-intensive process, its value in terms of the end product is fundamental to what Princess does.

Equipping the customer Princess makes a point of encouraging customers to come to its Plymouth headquarters and witness first-hand how its boats are put together. It urges them to take an active role partly because it is proud of its standards and partly because a customer who is properly equipped to collaborate in the detailing of his yacht is likely to end up with something much better tailored to his needs. To that end, Princess has a team of designers dedicated solely to helping customers navigate their way through the options and select the choices that will be of greatest benefit to their favoured cross-section of boating activities. The company’s fastidious in-house approach has an impact on the long-term quality of the ownership experience in other ways too. For instance, in addition to safeguarding the standard of each finished yacht with exhaustive sea trials encompassing more than 3,000 checks, every part of the build process is archived and traceable. That enables the yard to examine original engineering diagrams for each yacht and to identify the ‘who, how and when’ of every individual element. It can then leverage its distributor network to provide bespoke support for a customer’s yacht throughout its lifetime, even after that yacht is sold on to new owners. As the industry’s appetite for international third party construction plants continues to gather traction, that degree of care, accountability and control looks set to become even more special than it is today.

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KPS Capital Partners to Acquire Controlling Ownership of Princess Yachts

Investment will Accelerate Company’s Growth and Innovation

New York, NY  (February 13, 2023) -- KPS Capital Partners, LP (“KPS”) announced today that it has entered into a definitive agreement to acquire a controlling equity interest in Princess Yachts (Holdings) Limited, (“Princess Yachts” or the “Company”), a leading global manufacturer of luxury motor yachts.  Existing stockholders will retain ownership in the Company.  Completion of the transaction is expected in the first quarter of 2023 and is subject to customary closing conditions and approvals. 

Princess Yachts is a leading builder of luxury motor yachts and is recognized for its timeless design, hand-crafted quality and exceptional seakeeping.  Headquartered in Plymouth, England, the Company’s unparalleled level of vertical integration – including on-site design, engineering and manufacturing – has helped position Princess Yachts as one of Britain’s most iconic luxury brands.  Princess Yachts serves a global customer base through its best-in-class international dealer network.  The Company has approximately 3,200 employees and operates five manufacturing facilities in Plymouth, England.

Ryan Harrison, a Partner of KPS Mid-Cap Investments, said, “We are excited to make this significant investment in Princess Yachts, a leading company in the luxury global yachting industry with an iconic brand grounded in British tradition, a remarkable and growing product range and worldwide reputation for quality and innovation.  KPS’ investment will accelerate Princess’ growth trajectory and fund numerous investments for its future.  We look forward to working with Princess’ existing stockholders, Chief Executive Officer Antony Sheriff, the senior leadership team and the talented employee base at Princess Yachts.”   

Antony Sheriff, Chief Executive Officer of Princess Yachts, said, “We are thrilled to partner with KPS for this exciting new chapter for Princess Yachts.  KPS and the Princess Yachts team are deeply committed to investing in the Company’s future while continuing to further strengthen our portfolio of best-in-class motor yachts.  With a current order book nearing a record $1 billion and many model lines sold into 2025, we have never been in a stronger commercial position.  Together with KPS’ tremendous track record of manufacturing excellence and investing in leading brands, we are now positioned to take Princess Yachts to the next level of industry leadership in quality and innovation.  Under KPS’ ownership, we will accelerate a range of growth and operational initiatives to build upon our long and successful history.”

Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to KPS.  Macquarie Capital and Latham & Watkins LLP served as financial advisor and legal counsel, respectively, to Princess Yachts.

About Princess Yachts

Princess Yachts is a leading builder of luxury motor yachts and is recognized for its timeless, understated design, unique craftsmanship and exceptional seakeeping.  Headquartered in Plymouth, England, the Company’s unparalleled level of vertical integration – including on-site design, engineering and manufacturing – has helped position Princess Yachts as one of Britain’s most iconic luxury brands.  Princess Yachts serves a global customer base through its best-in-class international dealer network.  The Company has approximately 3,200 employees and operates five manufacturing facilities in Plymouth, England.  For additional information, please visit www.princessyachts.com .

About KPS Capital Partners

KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $21.8 billion of assets under management (as of June 30, 2024).  For over three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing.  KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies generate aggregate annual revenues of approximately $19.3 billion, operate 219 manufacturing facilities in 26 countries, and have approximately 47,000 employees, directly and through joint ventures worldwide (as of June 30, 2024). The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.

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PRINCESS YACHTS LIMITED

Company number 00856633

• Company Overview for PRINCESS YACHTS LIMITED (00856633)
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Next accounts made up to 31 December 2023 due by 31 December 2024

Last accounts made up to 31 December 2022

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Next statement date 28 June 2025 due by 12 July 2025

Last statement dated 28 June 2024

Nature of business (SIC)

• 30120 - Building of pleasure and sporting boats

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After releasing the very first Princess motor yacht in 1965 – 31-ft Project 31 – Princess Yachts have become a leader of the motor yacht industry. Legendary flybridge models, innovative long-range X Class, sporty V and S Class as well as the newest R Class with outstanding high-performance characteristics – every single Princess yacht represents the ultimate handcrafted luxury on water that provides its owners with best experiences. What makes Princess Yachts stand out from other motor yacht brands? The core of the brand concept is vivid – every Princess yacht owner experiences the exceptionally built yachts with phenomenal level of handcrafted detailing. Perfect maneuverability and handling, beautifully furnished luxurious interiors, durability and comfort – this is what is concealed in every Princess yacht. Located in Plymouth, Great Britain, Princess Yachts’ shipyard has one of the most advanced building infrastructures in the world that enables the construction of high-quality motor yachts implementing on board technologies of the future. Every Princess yacht conceives a perfect balance of style and material that unifies innovations and heritage, creativity and cutting-edge technologies. Being a part of Moët Hennessy Louis Vuitton SA (LVMH), Princess Yachts is a synonym of luxury yachting that has become one of the most influential brands in the world.

Brief history of Princess Yachts Limited

Princess Yachts established as Marine Projects (Plymouth) Ltd to deal with technical maintenance and chartering of Project 31 yacht. Afterwards, the yacht was sold. The company then realized that it was a good chance to grow substantially by selling yachts. Between 1966 and 1969 more than 150 yachts have been successfully built and sold.

After Project 31 success, Princess started to make GRP-formation and released its first Princess 32 that was then showcased during boat show in London. In a decade, more than 1200 yachts have been sold, what made this yacht a true best-seller of all time. Local and foreign agents were hired and the distributor network was.

John Bennett appointed to design two new models to compliment Princess 32.

Princess 37 had had launched during boat show in London, as well as Princess 25 was introduced later that year.

Based on Princess 37 the very first flybridge yachts launched in different variations. In addition, the Lee Mill infrastructure was opened as a mould store, developed by Bernard Olesinski.

Princess 30DS was the first next-generation yacht designed by Bernard Olesinski.

More than 500 yachts sold. This trend started a brand new approach. Its core idea lays in profound salon detailing of every model. This is one of the core brand concepts Princess Yachts still follows.

Premiere of the Princess 45, the all-time design of a motor yacht and the biggest, which was mass produced at that time. More 900 yachts have been sold in 9 years. Princess 45 was replaced by the newest Princess 455.

The very first sport yacht built – Princess 286 R. It was developed for the needs of the Mediterreanean market.

Brand new manufacturing facility «Langage 1» is built with volume 4200 sq. m in Plymouth.

Princess 62 is launched. It was the largest mass-produced motor yacht built in Britain.

First V class sport yachts are built: Princess V39 and Princess V52, which were later established as a base for future yachts.

The very first «Metre» yacht is built – Princess 20 Metre.

New headquarters opened on Newport street. The shipyard acquires Coypool facility (30000 sq.m), also Langage facility is extended to Langage 2 to produce V class yachts. Princess 52 construction started, which were the first yachts to have electronic diesel engines installed.

Princess v65 mass production started, the largest yacht of the range.

Marine Projects renamed to Princess Yachts International plc.

The company celebrates 40 th anniversary, being the world leader in yacht mass-production.

The construction of Princess 95 Motor yacht flagship started.

Princess V class extended to Princess V85, the biggest yacht in the range. Princess 85 Motor Yacht, Princess 50 and Princess V62 also added to the model list.

Princess Yachts is to be the first European yacht manufacturer to acquire ISO14001 certificate as a recognition of achievements in lowering negative impact on nature. 5 new yachts are added to the model range with Princess 72 Motor Yacht and Princess V85-S. Princess climbs 37 points up in Sunday Times HSBC Top track 250 rating.

Princess Yachts presents the very first M class yacht during London Boat Show – Princess 32M, and 3 other boats later that year. Princess acquires ownership of South Yard industrial complex from the Ministry of Defense and funding from the regional development government to increase the growth of the production.

Princess Yachts achieves British standard OHSAS 18001 certificate in security management and health of the employees. Princess Yachts becomes the first major British motor yacht manufacturer to achieve RINA Green Plus (Y) level for every yacht in V class and flybridge range with length under 24 meters.

This year is very important for the shipyard. V39 – the smallest yacht built for the last decade as well as the biggest superyacht every built in history of the shipyard – Princess 40M. The 132-feet superyacht listed as the biggest yacht built in Great Britain with resin-unfused composite hull. Princess V52 prized as «Best sportcruiser 45 ft+». David King founder and CEO of Princess Yachts Ltd awarded with special jury prize «Motor Boat of the Year Awards 2012». Princess V39 awarded in USA as «Best foreign motor yacht 30-40 feet» during AIM Media Marine Group Editor’s Choice Award 2012. In 2012 V57, 56 and Princess V62-S were built reaching the total number of new added yachts in the year to 5.

The release of Princess 52, 82 Motor Yacht and 88 Motor Yacht. The shipyard starts building the first yacht with IPS drive system – Princess V48. The first Princess 40M superyacht is awarded with prestigious World Superyacht Award in nominations «Trideck gliding or semi-displacement motor yacht» and «Best mass produced motor yacht from 24 to 40 m» during 9-th Asia Boating Awards. The other M class yacht – Princess 32M – is awarded with «Best mass produced motor yacht in the range of 30m» during Hurun Report’s Best of the Best Awards. It was also a successful year for V class. V39 was awarded second year in a row as «Best sportcruiser under 45 feet» during Motor Boat Awards. In Japan V52 awarded as «Best foreign large yacht» and «Yacht of the 2012». The company awarded with «Large Company of the Year» during Herald Business Awards 2013 and «Best brand collection» during Helm Singapore Yacht Show.

Princess presents Princess S72, the brand-new S class yacht with sportbridge. The development of the new M class superyacht is in full swing, which will be announced in 2015. Two flybridge yachts awarded: Princess 43 wins in the category «Flybridge yacht under 55 feet» during Motor boat Awards and Princess 56 wins «Best foreign large yacht» during Boat of the year in Japan.

Princess Yachts celebrates its 50 th anniversary since the establishment in 1965. For this occasion, Princess Yachts releases renovated Project 31 – the very first Princess yacht. The yacht was showcased during Cannes Yachting Festival along with the sales start of Princess 35M. S class range updated with Princess S65. Later this year the shipyard launched open versions of Princess V58 and V48. Princess S72 and V48 are awarded during Motor Boat Awards. Princess 40M wins the category «Best semi-custom yacht in the World in the range 25 m+» during Asia Pacific Boating Awards.

The English shipyard launches new Princess 75 Motor Yacht and new M class superyacht – Princess 30M. Princess 49 with IPS engine added to the flybridge range.

In January two Princess yachts – 75 Motor Yacht and V58 – are awarded as «Best Yacht of the Year» during Motor Boat Awards. The shipyard refreshed its sports yacht range with Princess V40, which premiered at boot Düsseldorf in Germany. The brand-new Princess S60 showcased during London Boat Show. Princess 30M superyacht wins «Best semi-custom superyacht in the range from 30 to 33.9 m» during World Superyacht Awards. During Cannes and Southampton yacht festivals Princess 55 and 62 were premiered. In Cannes Princess Yachts presented its first unique client-oriented service – Princess Lifeline SOS-service. 2017 is a record-breaking year for Princess Yachts: the volume of the order book exceeds 1 billion dollars. Today the company is one of the bespoke luxury yachts manufacturer, that builds 20 different models in the range of superyachts, motor flybridge yachts. V class sport yachts and S class sportbridges, R class performance yachts in the range 39 to 132 feet and has a network with more than 50 distributors around the world.

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Comparing the superyacht models leading the Princess fleet

Perhaps traditionally known for its sub-24-metre boats, British builder Princess Yachts has established itself in the luxury superyacht scene with striking yachts in its M Class series. But it was when Princess first unveiled a completely new design concept with the X Class and the X95 that the Plymouth builder truly created a stir within the 24-metre-plus segment.

The design of X95 was not just a departure from anything previously created by the British yard, it also allowed for volumes you might find on a 35-metre yacht – although it remained under the flag classification rules at 29 metres. 

Today, the X95 is joined by her sibling the Y95. Yet while the 29.1-metre yachts use the same hull structure and engineering platform, the layouts are dramatically different. The Y95, typified by a beautiful, but traditional raised-pilothouse design, has an open flybridge and hence plenty of exterior space. The X95, on the other hand, has been marketed as a "space age"-styled yacht with an enclosed flybridge and a single enclosed helm.

With that in mind, it can be hard to know which of the models is the right one for you. Will it be an open or enclosed flybridge? Will it be a master suite on the main deck or an open-plan "country kitchen"? An enclosed skylounge or more exterior space? BOAT   unpacks the defining features behind the builder's iconic superyacht range.

The X95 "Super Flybridge" and the Y95 open bridge

The key difference between the X95 Vista and Y95 is the flybridge. On the Y95, there is an open flybridge area featuring a flybridge helm and a raised pilot house. This differs from the X95 Vista, which has an enclosed flybridge and a single enclosed helm, freeing up space to allow the flybridge and main deck interior to cover almost the full length of the yacht. This creates the X Class's defining characteristic: the "Super Flybridge". This layout design provides 10 per cent more outdoor space and 40 per cent more indoor space than a traditional motor yacht, making the X95 Vista perfect for those who wish to spend extended time on board and voyage further afield.

Meanwhile, architectural innovations on the Y95 create a vast, asymmetric flybridge layout. To starboard you will find the upper helm with twin helm seats, while a forward-facing L-shaped seating area is to port. Aft of this, she offers a large deck area for free-standing furniture and a dining table that seats 10 along with a fully equipped bar with twin barbecue, hob, drawer refrigerator and a large pop-up outdoor TV.

Guests can enjoy superyacht space on the X95 Vista's main deck with a line of sight, on the standard configuration, through the forward windows and new open bow design which provides panoramic views. Accessed via an internal staircase, the upper deck is where the magic happens: the fully enclosed and climate-controlled sky lounge is the perfect place to soak up sea views while being sheltered from the elements. Outdoor dining and seating can be found on the aft section of the X95 Vista together with a second sundeck forward where a large seating area and sunpad or optional spa bath is situated.

Owners who opt for the X Class can choose between a main deck master suite or an open-plan "country kitchen". If this is the case, the full-beam master can be located on the lower deck, complemented by a forward stateroom with a walk-in wardrobe and ensuite bathroom. Further port and starboard guest cabins can also be found on the lower deck, all on a single level which helps to make the lower deck feel enormous.

On the Y95, the full-beam master suite is found on the main deck and bathes in natural light thanks to the addition of skylights. Below deck, four further beautifully appointed ensuite cabins host guests, whilst crew accommodation is situated aft of the machinery space and includes an ensuite captain’s cabin and bunk cabin. Numerous interior configurations are possible thanks to its innovative interior layout and increased volume afforded by the new hull design.

Owners also have the choice of a beach club on both models or a dedicated garage that provides storage for a Sea-Doo Spark (or equivalent), plus numerous other water toys.

Form and function

Speaking about the company's strategy, Princess Yachts' sales director, Simon Colebrooke, explains: “The X95 was designed to appeal to a whole new generation of Princess owners and to those that might want to extend their stays on board, such is the space the layout generates. The Y95 builds on the best attributes of the X Class, appealing to our heartland, with a strong focus on elegant design and modern boating life. The Y95’s design is a classic example of form and function that beautifully come together to create our largest Y Class yacht.”

The Y95 offers spacious outdoor living spaces that are comparable to larger yachts and an interior more aligned with Princess Yachts' M Class boats. Thanks to side door access on the flybridge, the yacht feels more spacious than a typical 30-metre. It also provides guests with a simple transition to the foredeck area, the perfect place for soaking up the sun's rays.

Having an enclosed skybridge on the X95 Vista affords different benefits – including the enclosed and climate-controlled sky lounge on the X95 Vista, suitable for different weather conditions. Recently redesigned to align with Princess’ latest exterior styling, the X95 Vista also features a new single-piece hull window that stretches the length of her profile.

Also enhancing her exterior design is the redesigned bow structure, which has been opened up. Guests can now enjoy panoramic views from the forward windows of the main deck or from the sanctuary of the foredeck seating area, which provides the perfect haven to sit and take in the surroundings.

Powered by twin MAN V12-2000 engines, both models can reach top speeds of up to 23 knots.

For more information about the Y95 and X95 yachts, contact Princess Yachts today.

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