Management buy out at FSG

Newspaper Kieler Nachrichten reports that Flensburger Schiffbau Gesellschaft (FSG) is to be acquired from Egon Oldendorff by President and CEO Peter Sierk in a management buy out backed by Munich-based Orlando Management GmbH.

FSG, the German yard that built BC Ferries' three recently delivered Super C Class vessels, is a leading builder of RO/RO freight ferries and other tonnage with an order book extending into 2013.

No word on the price, but the deal is set to close January 1, 2009.