Bremen-based shipyard Luerssen has acquired Blohm+Voss shipyard to strengthen its portfolio in the repair and refit activities for vessels.
The contract between Luerssen and the funds of private equity investor, Star Capital Partners has been signed and the agreement is currently subject to approval from the German Fair Trade Commission.
Following approval from the commission, Luerssen will combine six specialised shipyards with approximately 2800 employees in Northern Germany.
“With the acquisition of Blohm+Voss we are taking over a shipyard with a strategically advantageous location and versatile production facilities. We want to use these facilities to complement our existing refit and repair activities and also to offer our customers an ever better service,” said Peter Luerssen, managing partner at Luerssen.
He added: “In addition, we would like to utilise the competence and experience of the shipyard and its employees for the new build of complex naval ships and continue their production at the Hamburg site.”
“The construction of yachts at the Hamburg yard will depend on the overall market situation and it is difficult to judge at this time.'
The Star Capital funds acquired Blohm+Voss in December 2011 from ThyssenKrupp, the two companies have agreed that the purchase price will remain undisclosed.
Fred van Beers, CEO at Blohm+Voss, concluded: “For Blohm+Voss, customer focus and service take priority. With Luerssen we are gaining a long-term strategic owner who wants to jointly develop our company and expand our core business services.”
By Alice Mason