14 December 2016
21st Luxury announces successful exit of Camper & Nicholsons International
21st Luxury Holdings S.A., the private equity investment group focused on investments in the luxury sector, has agreed to the sale of its stake in Camper & Nicholsons (“CNI”) to Fincantieri S.p.A. and Lai Sun Development Company Limited.
Founded in 1782, CNI is the global leader in luxury yachting activities, specializing in the sale, purchase, charter, marketing, management and construction of the finest yachts in the world. The Company has 11 offices around the world and employs more than 50 people.
21st Luxury acquired CNI in August 2014, having identified an opportunity to restructure and modernise the sector-leading luxury yachting company. 21st Luxury achieved substantial operational and financial improvements across the business, including the successful restructuring of CNI’s tax and debt liabilities and the introduction of a new senior management team under CEO Paolo Casani. The tax and debt restructuring enabled 21st Luxury to complete the acquisition of Camper Nicholsons Design (CND), allowing CNI’s brand rights to be re-incorporated into the parent company.
Following a successful capital increase supported by Fincantieri, CNI completed the acquisition of Yachtster, the Uber of the luxury yacht industry, and launched two internal initiatives with the Chalhoub Group, Camper Nicholsons Finance and Camper Nicholsons Insurance. These initiatives enabled CNI to significantly broaden its offering and provide a one-stop shop for its clients’ yachting needs.
The deal has yielded a total return of €22.3m over an investment period of 26 months for 21st Luxury, delivering a return on equity of 22x.
Gualtiero Giori, Founding Partner and CEO of 21st Luxury, commented: “This deal represents a fantastic return on investment for 21st Luxury and we are delighted to have been able to support Camper & Nicholsons through this exciting and transformative period in its history. CNI is now very well-positioned to take advantage of the global growth of the modern luxury yachting sector. “
Jennifer Renwick / Nick Hennis +44 203 757 4994
Notes to Editors
21st Luxury is private equity investment group focused on investments in the luxury sector, providing growth equity capital to support high growth stage luxury goods and luxury technology businesses globally. Led by an experienced multi-disciplinary management team with more than 50 years of combined investment and operational expertise, the Company is committed to long-term relationships and sustainable growth across its investment portfolio.
21st Luxury’s strategy is to generate significant returns through operational improvements, as well as achieving synergies and economies of scale through additional complementary acquisitions in the luxury market. The Company’s flagship investment in Camper & Nicholson’s generated a return of 22x for shareholders in 26 months.
21st Luxury’s portfolio includes a holding in Hadoro Paris S.A., a luxury high-tech products designer focused on customizing phone cases and devices. 21st Luxury has also made early stage investments in Savory, the New York based premium food delivery company and 10-Vins, the unique wine tasting machine.