After a meeting held with the Perini Navi bankruptcy receiver, Ferretti Group and Sanlorenzo have announced plans to rescue the builders in a joint venture. Revealing the creation of a NewCo in a 50/50 joint venture, they have today shared news of their Perini Navi take over.Photo: Merijn de Waard / SuperYacht TimesPerini Navi was declared bankrupt by the Court of Lucca on 29th January 2021. Through the NewCo, Ferretti Group and Sanlorenzo have expressed their goals of putting forward a bid that details the acquisition of Perini Navi’s Italian brands, assets and all operations, as well as through a preliminary business branch lease. This way, the collaboration of these two big names in yachting aims to foster a smooth transition to recovery and maintain current employee levels.
A collaboration such as this between rival brands is unprecedented. If the future of the bankrupt brand is to be decided by auction, its heritage and locations makes it an enticing investment opportunity. By joining forces, Sanlorenzo and Ferretti Group avoid bidding against each other. Sanlorenzo has declared interest in the Perini Navi sailboat division and headquarters in Viareggio, whereas Ferretti Group has its eyes on the facility in La Spezia.Photo: Charl van Rooy / SuperYacht TimesMr Alberto Galassi, Chief Executive Officer of Ferretti Group says: “This is an important date for the Italian nautical sector and for employees and families of Perini Navi. Passion, experience and unique expertise, which 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.” Photo: Ferretti GroupHe went on to explain that: “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.”Photo: SanLorenzoMr Massimo Perotti, Executive Chairman of Sanlorenzo, said: “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. 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 above all, I immediately demonstrated Sanlorenzo’s willingness to intervene to relaunch it. Now I am glad that I can do this in partnership with the Ferretti Group.”
SuperYacht Times - The State of Yachting 2020
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