Candover acquires a majority stake in Ferretti S.p.A. from Permira Funds which has retained a share.
Norberto Ferretti, Ferretti Group Chairman and founder, and his seasoned, unified management team have increased the stake in Ferretti S.p.A. capital to 40%. Ferretti S.p.a. is parent company of the Ferretti Group, one of the top companies in the world within the sphere of designing and manufacturing luxury motor yachts.
Candover, an English private equity house and European leader specialising in arranging and leading buyouts, has concluded the acquisition of a majority stake in Ferretti S.p.A. from Permira which has retained a share in the Group’s capital.
The Ferretti Group is one of the most significant examples of Italian success in the world. Norberto Ferretti, together with his large, close-knit management team, has carried out a development strategy which has led to Ferretti Group’s continuous expansion. Over the past three years, its Value of Production has increased by internal growth at a 23% CAGR. The Group closed the nautical year on 31st August 2006 registering a Value of Production of 770.4 million Euros (compared to 652.9 million Euros registered the previous financial year) due to both the growth of the traditional brands in the book order, such as Ferretti Yachts, Riva and Pershing, and the new product lines introduced, namely Mochi Craft and Maestro (Apreamare), the relaunch of the Itama brand and CRN’s excellent performance in the steel megayacht segment.
“I’m increasingly enthusiastic about and proud of the name Ferretti,” declared Chairman Norberto Ferretti, “and pleased to have increased my stake in the Group I established in 1968, a Group that today is at the very heights of the world luxury nautical segment. Ferretti Group has just concluded a period of reorganisation managed by CEO Gabriele Del Torchio, whom I wish to thank.”
“My collaborators and my financial partners, Candover and Permira, and I,” continues Mr Ferretti, “believe in Ferretti Group’s huge growth potential. Said potential is continuously developed both by brands which are unique to the history of the nautical world, and technological supremacy, international leadership and the highly-efficient team which will continue to be with me during this new phase of growth and international expansion.”