McIlroy's Sunseeker bonus
Published 09/06/2013 | 05:00
GOLFER Rory McIlroy is one of the major beneficiaries as Irish private equity group FL partners sold its Sunseeker luxury yacht business to Chinese property firm Dalian Wanda for over €350m.
FL's "flip" represents a staggering 10-fold return for the private equity group owned by Peter Crowley and Neil Hughes on their buyout three years ago.
McIlroy owns a stake in Portofino Investments, which held a 65 per cent chunk of Sunseeker. He is likely to bag close to €2m from the buyout.
FL Partners bought into Sunseeker back in 2010 as part of a €30m-plus deal. Other investors in the buyout included British transport tycoon Brian Souter, who owns stagecoach. Sunseeker had been struggling badly as a result of the financial crisis.
The deal is a massive success for FL Partners, which has also been involved in the €200m buyout of the Racing Post in 2007, as well as the €70m purchase of Kayfoam.