Private equity firm Bain Capital has signed an agreement to acquire 100 per cent of the shares of yacht manufacturing giant Bavaria Yachtbau.

Bavaria, which was founded by Winfried Hermann in 1978, builds around 3,500 yachts per year at its yard in Giebelstadt, Germany, with sales of around 271 million Euros during the 2005/2006 fiscal year. The acquisition is expected to go through on July 31, 2007.

Bavaria’s general manager Rudolf Muller and sales director Mike Reuer will continue to operate the company, but new staff will join him in the coming months. Upon completion of the acquisition, company founder Winfried Herrmann will withdraw from active management and become a member of the advisory board.

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