Prism Advise on Oyster, EC Landamore Acquisition
UK based Oyster Group, whose companies include Oyster Marine Ltd, Oyster Brokerage Ltd and Southampton Yacht Services Ltd, has acquired the Oyster yacht division of EC Landamore & Co for an undisclosed sum. Prism’s Peter Watson assisted Anthony Landamore with the transaction, along with Greg Allan and the family business team from legal advisors Birketts .
Landamore was one of Oyster’s key subcontractors, having worked on the build and fit-out of Oyster sailing yachts for over 35 years, from its facility in Wroxham, Norfolk.
Following the acquisition, Landamore’s production facilities in Norfolk will be transferred to the Oyster Group, along with its team of around 70 employees.
In a statement, Oyster CEO David Tydeman said. “I am delighted that Anthony Landamore and I have reached this agreement and that Oyster can plan an investment in production in Wroxham, securing jobs in the community. This has been made possible by the enthusiasm and strategic support of our new shareholders (HTP Investments acquired Oyster in February this year). Oyster will now rebalance the order book and workloads across the range, focusing production of the larger models in the Oyster fleet at our wholly owned facility in Southampton, and the smaller models at what is now our wholly owned operation in Wroxham alongside our existing sub-contractors.
“I’m also pleased that Anthony Landamore has agreed to stay with the business to help with the transition. This investment also allows Oyster to develop our custom and refit operation, Southampton Yacht Services, and take the next steps in the superyacht market, developing on the significant success of our partnership with RMK on the Oyster 100 and 125 superyachts, and our history of refitting classic and superyachts at Southampton Yacht Services.”
Prism Corporate Broking’s Managing Director, Peter Watson worked alongside Anthony Landamore during the transaction, advising on deal structure and assisting throughout the negotiation process, he adds, “This is a very positive result for Landamores, its workforce and Wroxham. The transaction seems almost natural considering the strong association between Landamores and Oyster since Oyster’s inception in 1973. Given the uncertain economic backdrop, this represents a statement of confidence in UK boatbuilding and in the Oyster brand. It also guarantees further investment in the sector.”
Anthony Landamore says: “This transfer, of what has historically been more than 90 per cent of EC Landamore’s business for most of the 40 years we have been building Oyster yachts, is a great endorsement by Oyster that they value the people and the internationally renowned craftsmanship we have here in Norfolk and I’m very pleased to be part of this new investment by Oyster.”