Princess Yachts
Princess Yachts is a British manufacturer of luxury motor yachts based in Plymouth, Devon.
Last updated October 16, 2026
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Overview
Princess Yachts is a British luxury motor-yacht manufacturer headquartered in Plymouth, Devon. The company began in 1965 as Marine Projects (Plymouth) Ltd., operating from a modest rented shed on New Port Street. From that local starting point it developed into one of the United Kingdom’s best-known builders of production motor yachts, with a manufacturing footprint spread across several Plymouth-area sites and an international distribution and customer network. The company’s identity is closely tied to Plymouth’s maritime and naval-industrial heritage. Its facilities include the original New Port Street operation, the Lee Mill and Langage sites, Coypool, and South Yard, a former Royal Navy location within the historic Devonport dockyard complex. The South Yard operation has enabled Princess to build larger yachts and incorporates historic dockyard structures and launch facilities. Across its sites, the company has developed extensive production, engineering, finishing, testing, and design capabilities. A major ownership change occurred in 1981, when South African businessman Graham J. Beck acquired the business. Under the Marine Projects name, the company expanded its manufacturing and product development activities. In 2001, Marine Projects became Princess Yachts International PLC, formalizing the Princess identity as the principal commercial name of the business. In 2008, Beck sold a 75 percent stake to L Capital 2 FCPR, an investment group associated with Groupe Arnault and LVMH. L Capital later combined with Catterton in 2016, creating L Catterton. In February 2023, Princess Yachts was sold to KPS Capital Partners, a United States-based investment firm. Princess organizes its yacht portfolio into a series of classes aimed at different forms of luxury cruising and performance boating. The range has included the X Class of large super-flybridge yachts, the Y Class of substantial motor yachts, the F Class of flybridge yachts, the V Class of sports yachts, the S Class of sportbridge yachts, and the R Class of high-performance yachts. This class structure allows the brand to cover several segments, from comparatively compact sports-oriented models to large ocean-going yachts intended for extended cruising and onboard entertaining. The brand’s market positioning combines British yacht-building heritage, bespoke luxury, exterior and interior design, advanced composite construction, and performance-oriented naval architecture. Princess has also used external design and engineering partnerships to develop specialist products. Its R Class program, announced in 2018 with BAR Technologies and Pininfarina, brought together racing-derived engineering, a carbon-fibre structure, aerodynamic design, and an active foil system. The resulting yacht was presented as the fastest vessel in the Princess range at that time. Princess Yachts serves an international market through a network operating in 119 countries. The company has been described as employing more than 2,800 people worldwide, although workforce levels can change with production conditions and restructuring. Its business remains focused on the design, manufacture, sale, and support of luxury motor yachts, with Plymouth continuing to be the central base for its operations and brand heritage.
History
Princess Yachts traces its origins to Plymouth in 1965, when the business was established as Marine Projects (Plymouth) Ltd. Its first base was a rented shed on New Port Street, a location that later became the company’s head-office site and an important symbol of its local roots. The business entered the motor-yacht market at a time when British boatbuilding combined traditional craftsmanship with increasingly industrialized production methods. During the late 1970s, Marine Projects expanded its technical and manufacturing infrastructure. The Lee Mill site was developed in collaboration with naval architect Bernard Olesinski, whose work was associated with the company’s yacht development. For a period, Lee Mill was operated by Felix Engineering, a Princess subsidiary, before that operation ended in 2018. The company also established a purpose-built facility at Langage in 1989 and acquired the Coypool site in 1996. These additions gave Princess greater capacity for yacht construction, engineering, and related production work. Ownership changed in 1981 when Graham J. Beck acquired Marine Projects. The company subsequently continued its growth under private ownership and increasingly used the Princess name in its commercial identity. In 2001, Marine Projects became Princess Yachts International PLC. The change reflected the prominence of the Princess brand and its international ambitions, while the core manufacturing base remained in Plymouth. In June 2008, Beck sold a 75 percent stake in the business to L Capital 2 FCPR. The investment group was co-sponsored by LVMH and Groupe Arnault, placing Princess within an ownership environment associated with international luxury goods and consumer brands. In January 2016, L Capital merged with Catterton to form L Catterton. Princess therefore continued through a succession of investment-backed ownership structures while retaining its British manufacturing identity. The company later expanded its presence at South Yard, a former Royal Navy site released from the Devonport naval base in 2012. South Yard provided space for the construction of yachts up to 40 metres in length. The site also contains historically significant dockyard structures, including the East Ropery, historic dry docks, a slipway, and other preserved features. Princess uses parts of the site for yacht construction, testing, design mock-ups, and launching. The company’s broader Plymouth footprint eventually comprised five sites covering more than 1.1 million square feet. Product development has been organized around named yacht classes. The X Class addresses large super-flybridge yachts; the Y Class covers larger motor yachts; the F Class focuses on flybridge models; the V Class serves sports-yacht customers; and the S Class offers sportbridge yachts. In 2018, Princess announced the R Class, a performance-focused program developed with BAR Technologies and Pininfarina. BAR Technologies contributed engineering expertise derived from high-performance yacht racing, while Pininfarina collaborated on the carbon-fibre monocoque hull and aerodynamic form. The project incorporated Princess’s Active Foil System and used carbon-fibre construction to pursue high speed and reduced weight. The R Class development was also notable for its use of dazzle camouflage during testing and development. The pattern was created by Katie Sheppard, a Plymouth College of Art student who won a design competition for the camouflage scheme. The treatment helped conceal the yacht’s form from observers while the design was being refined. In February 2023, Princess Yachts was sold to KPS Capital Partners, an American investment company. The transaction marked another change in ownership while leaving Princess as a Plymouth-based British yacht manufacturer. The company continues to operate internationally, with its range spanning luxury cruising, flybridge, sportbridge, sports, and performance yachts.
- 2023
KPS Capital Partners acquires Princess Yachts
[1]Princess Yachts is sold to KPS Capital Partners.
- 2018
R Class collaboration is announced
[1]Princess announces a new carbon-fibre performance yacht developed with BAR Technologies and Pininfarina.
- 2016
L Capital and Catterton combine
[1]L Capital merges with Catterton to form L Catterton, which becomes associated with Princess ownership.
- 2012
South Yard becomes available for Princess operations
[1]The former Royal Navy South Yard site is released from the Devonport naval base and later used by Princess for larger-yacht construction and related activities.
- 2008
L Capital acquires a majority stake
[1]Graham J. Beck sells a 75 percent stake to L Capital 2 FCPR, an investment group associated with Groupe Arnault and LVMH.
- 2001
Marine Projects becomes Princess Yachts International PLC
[1]The company adopts a corporate name centered on the Princess Yachts identity.
- 1996
Coypool site is acquired
[1]Princess adds the Coypool site to its Plymouth-area manufacturing footprint.
- 1989
Langage site is built
[1]A dedicated Langage facility is constructed for Princess and subsequently expanded.
- 1981
Acquisition by Graham J. Beck
[1]South African businessman Graham J. Beck acquires the company.
- 1965
Marine Projects is established in Plymouth
[1]The business begins as Marine Projects (Plymouth) Ltd. on New Port Street in Plymouth, Devon.
Products and positioning
British luxury motor-yacht manufacturing combining Plymouth maritime heritage, high-end craftsmanship, contemporary yacht design, international distribution, and performance-oriented engineering.
Super-flybridge yachts
X Class
The X Class is Princess’s large super-flybridge category. These yachts are designed around substantial exterior living areas, elevated flybridge spaces, long-range cruising capability, and luxury accommodation. The range is described as covering approximately 80 to 95 feet and represents the upper end of the brand’s conventional production yacht portfolio.
Motor yachts
Y Class
The Y Class comprises larger Princess motor yachts intended for owners seeking a balance of cruising comfort, volume, and outdoor entertaining space. Models in the category are described as ranging from approximately 72 to 95 feet, placing them among the brand’s larger family and long-distance cruising offerings.
Flybridge yachts
F Class
The F Class is Princess’s flybridge-yacht category for customers who want an elevated helm and social deck in a more compact format than the largest X and Y Class vessels. The stated range extends from approximately 45 to 65 feet, combining cruising accommodation with a flexible upper-deck layout.
Sports yachts
V Class
The V Class focuses on sports-oriented motor yachts, emphasizing open-air use, responsive performance, and a more streamlined profile. The category is described as spanning approximately 40 to 65 feet and serves owners looking for a combination of recreational speed, day boating, and luxury accommodation.
Sportbridge yachts
S Class
The S Class uses a sportbridge concept that places a secondary upper helm and social area within a sleeker sports-yacht design. The stated size range is approximately 62 to 80 feet. The category is positioned between open performance boating and the more traditional flybridge arrangement.
High-performance yachts · 2018
R Class
The R Class was developed as a high-performance Princess range in collaboration with BAR Technologies and Pininfarina. Its development involved a carbon-fibre monocoque hull, aerodynamic design work, and Princess’s Active Foil System. The program was presented as the company’s fastest yacht development at the time and extended Princess into a more technologically focused performance segment.
Marketing campaigns
- 2018R Class dazzle-camouflage design competition
United Kingdom
During development of the R Class, Princess used dazzle camouflage to disguise the yacht’s form and make visual observation more difficult. The camouflage design was selected through a competition won by Katie Sheppard, a student at Plymouth College of Art. The camouflage was used during development and testing before the R Class was presented as a Princess performance yacht.
Outcome. The camouflage was used during development and testing before the R Class was presented as a Princess performance yacht.
Brand decisions
2023
Sell Princess Yachts to KPS Capital PartnersM&ABackground
After ownership through L Capital and subsequently L Catterton, Princess entered another ownership transition.
Action taken
Princess Yachts was sold to KPS Capital Partners, an American investment company.
Aftermath
The transaction changed the company’s ownership while Princess continued as a Plymouth-based British yacht manufacturer.
2018
Develop the R Class with external technology and design partnersProduct launchBackground
Princess sought to extend its range into a more performance-focused segment and to apply advanced composite construction and aerodynamic development.
Action taken
The company partnered with BAR Technologies and Pininfarina on a carbon-fibre R Class yacht incorporating the Active Foil System.
Aftermath
The R Class was described as Princess’s fastest yacht at the time and became a notable technology-led addition to the portfolio.
Recent events
- 2023
Princess Yachts sold to KPS Capital Partners[1]
M&A
Princess Yachts was sold to KPS Capital Partners, an American investment company, ending the ownership period associated with L Catterton.
- 2018
Princess Yachts develops the R Class with BAR Technologies and Pininfarina[1]
Product launch · Other
Princess announced a collaboration with BAR Technologies and Pininfarina on a carbon-fibre performance yacht incorporating the company’s Active Foil System.
- 2016
L Capital merges with Catterton[1]
M&A
The investment group associated with Princess Yachts’ ownership merged with Catterton to form L Catterton.
- 2001
Princess Yachts becomes Princess Yachts International PLC[1]
Leadership change · Other
Marine Projects adopted the Princess Yachts International PLC name as the Princess identity became formalized within the business.
- 1981
Graham J. Beck acquires Marine Projects[1]
M&A
South African businessman Graham J. Beck acquired the company, beginning a new ownership phase in Princess Yachts’ development.
Sources1 sources
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