The Marseille-based facility will be known as Palumbo Marseille Superyachts ITM and will retain eight former managers. However, in a letter to the superyacht industry, business development manager Laurent Bredy said the news had forced his hand:
“We have just had the information that the offer from Palumbo has been approved by the Commercial Court of Marseille. Therefore, the ITM you use[d] to know will no longer be the same.
“As far as I am concerned, I will not take part [in] this new adventure but I wish them good luck.”
The 12,000sqm site will receive investment from its new owner and will be the latest addition to the Palumbo network of facilities in Naples, Messina and Malta.
In a statement issued upon confirmation of the deal, the group outlined ITM’s credentials as an asset:
Such a logistical platform has the technical and timing ability to satisfy any owner's demands, providing them, at the same time, with the widest and most complete range of services. The company invested a lot in professionalism, achieving a very high professional level of its technical staff.
With the ITM Marseille acquisition Palumbo now manages an extended platform comprising 14 dry-docks (six of them fully dedicated to superyachts) ranging from 40 metres up to a maximum of 360 metres in length, more than one kilometre of quays and an operational area covering about 520,000 square metres, offering a substantial range of products to the general maritime, ship repair and yachting sectors from its network of shipyards in the centre of the Mediterranean.
Palumbo Group also thanked the city of Marseille for its 'warm welcome'.
To receive breaking news notifications, download our free app.