The contract between Lürssen and the funds of British private equity investor, Star Capital Partners has been signed and the agreement is currently subject to approval from the German Fair Trade Commission (Bundeskartellamt).
"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" explains Peter Lürssen, Managing Partner at Lürssen Maritime Beteiligungen GmbH & Co. KG. "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."
Pending approval from the German Fair Trade Commission, Lürssen will combine six highly specialised shipyards with approximately 2800 employees in Northern Germany.
The parties have both agreed that the purchase price will be kept confidential. The Star Capital funds acquired Blohm+Voss in December 2011 from ThyssenKrupp.
Peter Lürssen emphasises: 'After the trade commission’s approval, our primary efforts will be guided towards talking with the employees of Blohm+Voss. We will discuss the necessary steps to efficiently adopt the individual capabilities of the shipyard into our group and secure the balance between our shipyards in the future and together, navigate through the difficult market situation we find ourselves in today.'
Before contacting the Blohm+Voss employees it has been agreed that the current owner will discuss the change of ownership with the shipyard committees.
With the acquisition of Blohm+Voss, Lürssen is welcoming a new partner into their group with whom there is a long history of successful cooperation. 'Based on the long-term and trusted cooperation on all levels between the two shipyards - we are currently working together on the construction of the new German Navy Frigate Type F125 - we are confident that we already have a good basis on which to continue this relationship and to move forwards with the companies under one roof', says Dr. Klaus Borgschulte, Technical Director at Luerssen Werft GmbH & Co. KG.
CEO at Blohm+Voss, Fred van Beers comments, ‘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.’
The family owned Lürssen Group was founded in 1875 and specialises in the design and production of yachts over 60 metres as well as naval and coast guard ships. The commercial and naval new build business is complimented by comprehensive after-sales support including repair, refit, maintenance and worldwide logistics services.