North Sails
North Sails comprises a portfolio of market-leading marine brands focused on providing high performance products for the world’s sailors.
North Sails achieved revenue and EBITDA growth of 18% and 32% respectively versus prior year. All divisions of the group are performing ahead of their prior year performance with the exception of Actionsports, which experienced softer performance due to a broader market slowdown that is expected to normalise in 2024. The Apparel division continues to grow, with EBITDA more than double the prior year-end position; Sails remains strong, with year-end revenues up by 16% on prior year partly due to consistently high order intake. The Masts business also continues to trade well, in part due to higher productive hours in the factory. As a result of North Sails’ strong performance, the group was one of the three largest contributors to NAV growth in the portfolio during the year.
In 2023, North Sails completed a refinancing process with a new bank syndicate on a five year term.
As part of a group wide organisational and capital restructuring of the North Sails Group the OCI loans were converted into preferred equity in a newly created North Sails holding company. The conversion of the loans to preferred equity improves the security position of OCI, incentivises earlier redemption and provides potential additional equity upside in a business that is now performing strongly.
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