Bavaria acquired by buyout company
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Article Date: 2007-06-28
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Leading boat manufacturer Bavaria has announced it has been acquired by a private equity firm.
Bavaria, which is one of world's largest yacht producers, will now be owned by Bain Capital, which paid £800 million for 100 per cent of the company's shares.
Under the company's new stewardship, Bain's current manager Rudolf Müller and sales director Mike Reuer are to retain their positions, while founder Winifred Hermann is to stay on as an advisory board member but will withdraw from day-to-day management of the company.
Meanwhile, a joint statement from the companies indicated that Bain will appoint a number of new managerial staff, who will oversee a period of expansion focussed on new, emerging markets for boats.
It said: "In addition to a further strengthening of the Giebelstadt location, it is planned to expand the international dealer network and to open up new attractive markets abroad."
Last year Bain, which employs over 600 people, produced 3,500 yachts at its facility in Giebelstadt, accruing revenue of £183 million for the company.
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