Shipbuilding Consolidation: Luerssen Acquires Blohm+Voss GmbH

Family owned and Bremen based shipyard, Luerssen acquired storied shipyard Blohm+Voss in Hamburg, the company announced on Wednesday, September 28, 2016.

 

With the acquisition of Blohm+Voss, Luerssen said it is entering into a long-term relationship to strengthen its portfolio in the repair and refit activities for yachts, naval and commercial ships as well as enhancing its naval new build activities within their corporation. The contract between Luerssen 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" said Peter Luerssen, Managing Partner at Luerssen Maritime Beteiligungen GmbH & Co. KG. "In addition, we would like to use 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, Luerssen 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.

 

"After the trade commission’s approval, our primary efforts will be guided towards talking with the employees of Blohm+Voss," said Luerssen. "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."

 

The family owned Luerssen Group was founded in 1875 and specializes in the design and production of yachts over 60m 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.