Family-owned Bremen-based Luerssen shipyard has signed a takeover contract with the current owners of Blohm+Voss, funds of the British private equity investor Star Capital Partners.
The contract is pending approval from the German Fair Trade Commission (Bundeskartellamt). The terms were not disclosed.
Blohm+Voss was acquired by Star Capital Partner's funds from ThyssenKrupp in December 2011.
Luerssen, considered to be a long-term strategic investor of Blohm+Voss which has changed ownership on several occasions, aims to strengthen its portfolio in the repair and refit activities for yachts, naval and commercial ships – including cruise vessels – as well as enhancing naval newbuilding activities.
'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,' Peter Luerssen, managing partner of Luerssen Maritime Beteiligungen GmbH & Co. KG, commented.
Seatrade Cruise News understands the conversion and repair activities in the cruise sector, a profitable stronghold of Blohm+Voss, will be retained and strengthened.
With regard to possible mega yacht construction at Blohm+Voss, Luerssen said this depends on the overall market situation and is difficult to judge at this time.
If the deal is approved, Luerssen will grow to six specialised shipyards in Northern Germany with about 2,800 employees.
Peter Luerssen said the first move after gaining the Fair Trade Commission's approval will be to talk with Blohm+Voss employees.
'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,' Luerssen said. It has been agreed the current owner of Blohm+Voss will discuss the ownership change with the shipyard committees first.
The takeover announcement was greeted with huge optimism in Hamburg, since it appears to give Blohm+Voss a more secure future.
Blohm+Voss ceo Fred van Beers said Luerssen is a long-term, strategic owner willing to jointly develop the yard and expand its core business activities.
It has not been confirmed whether the renowned Blohm+Voss name is going to be retained for the Hamburg-based yard after the takeover, although industry experts believe this will be the case.
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