PARIS Bernard Arnault is diversifying his portfolio and acquiring — via different investment vehicles — an English maker of luxury yachts and a leading French recycling firm.

L Capital 2 FCPR, an investment group sponsored by LVMH Moët Hennessy Louis Vuitton and Groupe Arnault, is set to acquire Princess Yachts International, pending antitrust approvals. Financial terms were not disclosed, but L Capital said it controls 70 percent of Princess’ voting rights and has co-investors, including the Belgian firm Cobepa.

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Princess, founded in 1965, makes hand-built motor yachts ranging from 42 to 95 feet.

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Separately, Financière Agache Private Equity, part of Groupe Arnault, said it would invest 100 million euros, or $155.4 million at current exchange, in Groupe Paprec, France’s leading recycler of plastics and office paper. Last year, Paprec posted sales of 320 million euros, or $438.6 million at average exchange rates.

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For more, see Wednesday’s issue of WWD.

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