The Ferretti Group announces that it has signed an agreement to sell 100% of Apreamare S.p.A. to the Aprea and Pollio families, the founders of the historical Sorrento brand. The deal is set to be closed by the end of March 2010.
The sale will include the nautical pole in Torre Annunziata (Naples), which boasts 125,000 m² of total floor space, including 53,000 m² of indoor space, and a private wet dock with about 100 mooring spaces.
This deal will allow the Ferretti Group to continue to pursue the Strategic Plan implemented in recent months with the aim of focusing on its core business.
The Apreamare shipyards have been operating since 1849 in the production and artisan building of the typical Gozzo Sorrentino, reinterpreted in a modern light. Part of the Ferretti Group since 2001, Apreamare’s current products range includes two lines of crafts: the classic line of Gozzo vessels ranging from 28 to 64 feet and the Maestro line of yachts featuring sophisticated, original designs and ranging from 51 to 82 feet.
“I am very pleased that after years of extensive and successful collaboration, Apreamare is being placed back in the hands of its founders, and, specifically, our friends Cataldo Aprea and Antonino Pollio,” said Norberto Ferretti, Chairman and Founder of the Ferretti Group. “The Aprea and Pollio families are able business leaders with the fullest understanding of this brand from having contributed to its creation and growth over all these years. I wish them the best of luck for Apreamare’s future.”
“The sale of this historical brand will allow us to focus even more closely on medium and large yachts and to better satisfy our customers’ needs” commented Salvatore Basile, Chief Executive Officer, Ferretti Group. “Our Group will continue to enjoy a collaborative relationship with Apreamare. In fact, our two companies are in the process of reaching an agreement under which the Apreamare shipyard will remain one of the most important Service operations of the Ferretti Group for the middle and lower Tyrrhenian, an area of great strategic importance.”
“The Ferretti Group, and Chairman Norberto in particular, have my most heartfelt gratitude for the nine years of active, reciprocal collaboration, which allowed Apreamare to grow and establish itself on important new markets. The relationships formed at both a personal and professional level will undoubtedly lead to future collaboration that will continue to serve as an important example of synergy to the entire international nautical industry,” said Cataldo Aprea, Chairman of Apreamare S.p.A., speaking on behalf of the other shareholders Giovanni Aprea and Rita and Antonino Pollio.
The Ferretti Group was assisted with the deal by Linklaters, which acted as Legal Advisor, and by Intermonte, as M&A Advisor. The Aprea and Pollio families were assisted by Bambino & Partners and by the independent investment bank Equita as Advisors and Latham & Watkins as Legal Advisor.
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