- Business - Ferretti Group and Sanlorenzo make offer for Perini Navi


Ferretti Group and Sanlorenzo make offer for Perini Navi

Under the new company of Restart S.p.A, Ferretti Group and Sanlorenzo have made an undisclosed offer for Perini Navi…

Ferretti Group and Sanlorenzo have announced that, following the news of The Italian Sea Group’s offer, they have presented an irrevocable proposal for the acquisition of the entire corporate complex of Perini Navi. Unlike The Italian Sea Group, however, Ferretti Group and Sanlorenzo, through the 50:50 joint venture Restart S.p.A, have not revealed the value of their offer.

Restart S.p.A’s offer relates to the acquisition of Perini’s shipyards in Viareggio and La Spezia, brands and patents, the share capital of Perini Navi USA Inc, and existing legal relationships with employees and other third parties, matching the extent of The Italian Sea Group’s offer.

According to Restart’s announcement: “The irrevocable offer includes a business plan aimed at restarting production and relaunching the company, the band and, most of all, at ensuring growth and continuity of employment for the workers of the two shipyards as well as strengthening the relationship with the territory.”

Both parties have promised to “invest considerable financial resources to implement a long-term relaunch and value creation plan that will enable Perini Navi to return to being a dynamic and global company, a benchmark of the Italian nautical industry in the world.”

When all the businesses that had initially showed interest in the acquisition of Perini Navi began rescinding their offers, SuperyachtNews speculated that this was a tactic to force the asking price of Perini Navi down as much as possible, and so it has proved to be. It seems, however, that The Italian Sea Group taking the initiative with its offer of €47million has forced the hand of Restart.

Interestingly, both parties have promised fairly explicitly to work towards resurrecting the Perini Navi brand, rather than merely hoping to complete the purchase as a means of expanding the facilities available for the current brands under their management.

“Such operation demonstrates once more TISG’s firm intention to increase the spaces dedicated to new constructions, as well as the resolve to further expand its reference market, strengthening positioning in the sail yachting world and bringing into the Group another internationally renowned brand such as Perini Navi,” commented The Italian Sea Group Yesterday.

With new build capacity bottlenecks theorised to be on the horizon in coming years, it is understandable why the acquisition of additional facilities would be of interest to some of the market’s major players. With so much negativity having been published about Perini Navi’s last known asking price of €56million, perhaps it was hoped that the price would be forced down even further? Regardless, there are now two serious offers on the table and time will tell which one is the most appealing.

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