Sanlorenzo confirms its interest in Perini Navi
The Italian motoryacht builder confirms our report, yet says due diligence is still underway…
Since the news broke that Sanlorezo was on the brink of acquiring Perini Navi, the shipyard has confirmed that is evaluating the possible acquisition of share capital in the sailing yacht specialist and has, therefore, obtained an exclusivity period from the shareholders of Fenix S.r.l, a company owned by the Tabacchi family, and Lamberto Tacoli in order to carry out the necessary due diligence and analysis.
At present, Perini Navi is owned by the Tabacchi family and Lamberto Taccoli, as well as indirectly by Fabio Perini. Upon completion, if carried out, it is envisaged that Perini Navi will be majority-owned by Sanlorenzo.
The transaction being completed is subject to a satisfactory outcome of the analysis and verifications that have only just begun, before binding agreements are reached between the parties and to various conditions being met.
While the two businesses operate in different sectors of the superyacht market, with Perini Navi specialising in the development of sailing yacht projects over 40m and Sanlorenzo focussing on motoryachts, Sanlorenzo believes that the two companies share common values. According to Sanlorenzo, the acquisition of Perini Navi would be in line with its business model and would enable Sanlorenzo to expand is business horizons and further consolidate its presence in the superyacht sector.
The transaction will be investigated by the parties during a period of exclusivity with the full sharing of information. This will enable Sanlorenzo to assess possible costs and synergies and evaluate any interest in concluding the transaction.
According to The Superyacht Agency, since 2010 Sanlorenzo has delivered a total 103 superyacht projects at an average of 10.3 units per year. According to the yard’s order book, there is a further 24 deliveries scheduled in 2020, which would mean Sanlorenzo starts the new decade with by far its strongest year to date. However, given that the delivery schedule will have faced unprecedented challenges from the Covid-19 crisis, alongside the fact our data shows that around 25 per cent of the orderbook at the beginning of any given year fails to be delivered, we can expect that this figure will be closer to 18.
In contrast to Sanlorenzo’s strong delivery and order book figures, Perini Navi has only delivered a single project since it was acquired by the Tabacchi family in 2017. That being said, it has three projects scheduled for delivery in 2020 and three further projects due for delivery in 2021. While we can assume that these delivery schedules have been negatively affected by the crisis too and perhaps compounded by Perini Navi’s poor financial position, the brand’s strong legacy, excellent reputation for quality and key position within a niche sailing yacht market, make it an attractive proposition to potential investors.
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