Since the news broke earlier this year of Blue Skye Investment Group looking to relaunch Perini Navi, the venture now includes Arena Investors who have partnered with Blue Skye in a new joint takeover agreement.
Together, the firms will invest in "mid-market corporate restructuring and turnaround opportunities" for Perini Navi after the superyacht builder's board of directors requested the activation of bankruptcy law in May 2020.
The plan is currently in the final stages of a due diligence process, and any investment relies on the positive outcome of this formality. Photo: Perini NaviSince being founded in 2004, Blue Skye has generated an investment track record of over €2 billion. Managing partner Salvatore Cerchione says: "We are proud to deepen our relationship with Arena through this joint venture. Due to the current economic environment, increasing numbers of Italian middle-market companies find themselves in situations that require sophisticated capital solutions that support business turnarounds as well as specific managerial support to go through the process of financial restructuring. Our joint venture will be able to support these businesses so that they can reach their full potential." Photo: Charl van Rooy / SuperYacht Times"Coupling our two firms' financial resources and turnaround capabilities results in a powerful offering that will benefit Italian companies in need of flexible, smart capital while also creating attractive opportunities for us to deliver value to our investors," adds Dan Zwirn, Chief Executive Officer and Chief Investment Officer of Arena, who works to help build the firm's $1.7 billion (as of 1 October) of committed assets.