Bremen-based shipyard Luerssen acquired Blohm+Voss shipyard (famous for the QM2 refit), aiming at strengthening its portfolio in repair and refit activities for ships.
The contract between Luerssen and the funds of Star Capital Partners (private equity investor) has been signed and the agreement is now subject to approval from the German Fair Trade Commission.
After the approval, Luerssen will combine 6 specialised shipyards with around 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."
Star Capital funds acquired Blohm+Voss from ThyssenKrupp in December 2011. The two companies agreed that the purchase price will remain undisclosed.
CEO at Blohm+Voss, Fred van Beers, shared:
“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.”