Ferretti Group and Sanlorenzo announce creation of NewCo
A joint venture to take over Perini Navi, which was declared bankrupt by the Court of Lucca on 29 January 2021…
Further to an announcement on January 29th, whereby judges at the Lucca Tribunal determined that Perini Navi had gone bankrupt, companies including The Italian Sea Group and Palumbo Superyachts publicly expressed their interest in acquiring the famous Italian sailing yacht builder’s assets through a bankruptcy auction procedure.
Since then, it seems there has been an interesting and unexpected development from the two other companies who had voiced the same interest. On 15th February 2021, Ferretti Group and Sanlorenzo have announced the creation of a joint venture to take over Perini Navi.
Through the NewCo, Ferretti Group and Sanlorenzo have shown interest in formulating a bid that entails the acquisition of Perini Navi’s Italian brands, assets and operations. Through a preliminary business branch lease, they hope to foster a smoother and quicker recovery of production and maintain employment levels.
“This is an important date for the Italian nautical sector and for employees and families of Perini Navi. Passion, experience and unique expertise… will now continue to be protected, as well as the related activities of Perini Navi, which are now safeguarded, composed of numerous suppliers who can now rest easy,” commented Mr Alberto Galassi, Chief Executive Officer of Ferretti Group.
Ferretti Group has often sought opportunities within its homeland of Italy, as seen in today’s case, and in recent times with the acquisition of the Wally brand, its first foray into sailing yacht construction. “We are certain that our commitment will translate into further growth, with benefits impacting the local areas and increased success for the Italian nautical sector,” Galassi continued.
“I would also like to point out the historical importance of this alliance with Sanlorenzo, in line with the new spirit of cooperation that is infusing our country: a beneficial opening of new horizons, which will enable us to seize even more opportunities and ensure greater success,” he concluded.
The site of Perini Navi holds important memories for Massimo Perotti, Executive Chairman of Sanlorenzo. “I started my professional career in the nautical sector in Viareggio, specifically in the place and year when Perini Navi was created nearby. It was 1983, and I have always admired the business model of this extraordinary brand: high-quality yachts, built solely on a made-to-measure basis, for a limited number of yachting experts,” Perotti began.
“These are unique characteristics that I also found in Sanlorenzo years later. Due to these similarities, and with the strong determination to save an Italian brand with unrivalled history, in the interest of the local communities and all the stakeholders, employees and suppliers, I immediately demonstrated Sanlorenzo’s willingness to intervene to relaunch it,” he added.
Perotti acknowledged what is a huge power play within the superyacht industry. “I am convinced we will see further developments and will stand as an example for other initiatives to strengthen the leadership of our sector throughout the world,” Perotti concluded.
SuperyachtNews reached out to Ferretti Group and Sanlorenzo for comment regarding the status of this new venture. However, a representative from Ferretti Group confirmed it was too soon to answer any questions about its likelihood of success. At the time of writing, Sanlorenzo representatives had not responded to a request for comment.
SuperyachtNews also spoke with Palumbo Superyachts, itself a very public suitor of the shipyard, regarding this major development; however, again, no comment was provided on the matter.
SuperyachtNews will continue to keep the market up to date with the latest news surrounding this partnership and what it means for the future of the Perini Navi brand.
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