3i, a global private equity firm, has pulled its £100m auction of UK luxury yacht and powerboat manufacturer Fairline.
Reports at the weekend said that 3i decided to postpone a sale of Fairline, bought from The Renwick Group for a £40m consideration in June 2005, following just a few expressions of interest from unnamed Middle Eastern buyers.
3i hired Cavendish Corporate Finance in November of last year for the purpose of looking for a buyer for Fairline.
Unlike Ferretti, an Italian luxury yacht maker owned by Ferretti that is currently in negotiations with lenders regarding debt repayments, reports stressed that Fairline has a low level of debt from 3i’s buyout and operates in a very different market.
Royal Bank of Scotland arranged debt for the 2005 transaction.
Source: Thomson Merger News