Private equity manager Capitalworks has closed the sale of South African boat builder Robertson and Caine, known for its catamarans, to international investment company Vox Ventures.

This transaction, representing the largest foreign direct investment in the boat-building sector in South Africa, is a significant endorsement of the world-class skills, intellectual property and manufacturing capacity that the region has developed in the maritime sector, Capitalworks says.

Robertson and Caine is a significant employer in the Western Cape region of South Africa. The company will continue to look for new opportunities, contributing further to the growth of the local economy.

The transaction also facilitates further significant investment and comprehensive training programmes and bursaries to enhance the skills and capabilities of Robertson and Caine's employees, Capitalworks says.

“After more than 40 years in the boat business and 32 years with Robertson and Caine, I am pleased to leave Robertson and Caine, our valued One R&C team members and our longstanding customer stakeholders in the hands of a new shareholder of such stature,” says Robertson and Caine founder John Robertson.

“Partnering with Capitalworks, who has been committed to and focused on building Robertson and Caine and the Leopard brand, has positioned the business to benefit from the next phase of growth that a strategic investor can offer the business.

“Although it is a bittersweet moment, I feel confident that the legacy will continue to grow from strength to strength and that the business will be in the best hands,” he says.

Vox Ventures is a wholly owned subsidiary of PPF Group, which is an international investment company with diverse interests in 25 countries, including the Czech Republic, spanning financial services, telecommunications, media, e-commerce, and nautical products and services.

As part of the broader international investment company PPF Group, Robertson and Caine will benefit from PPF's extensive resources and global network, providing access to new opportunities, technologies and expertise, enabling the company to further strengthen its leading global market position and drive innovation, says Capitalworks.

Since investing in the business in 2015, Capitalworks has actively worked alongside Robertson and the management team to realise the potential of Robertson and Caine by investing in the development of new models, expanding manufacturing capacity, and supporting multiple initiatives to grow the base of boat-building skills and support services in the industry.

This investment, coupled with the company’s dedication to exceptional craftsmanship, innovation and customer satisfaction, has cemented Robertson and Caine and its Leopard brand as global leaders in the design and manufacture of blue water cruising catamarans, says Capitalworks co-founder Darshan Daya.

“Capitalworks has been privileged to partner with John Robertson and the world-class team at Robertson and Caine in building a globally competitive business. The transaction is a testament to how active private equity partners can unlock the growth potential in world-class South African businesses and facilitate the introduction of strategic long-term shareholders.

“The transition of ownership to Vox Ventures offers exciting new opportunities for Robertson and Caine to leverage PPF’s significant manufacturing and technical expertise to continue to grow and develop the Leopard brand,” he says.