BY APB Staff on 15 Feb 2021

Leading Italian brands create new joint venture to save the famed yachting business

On February 15, Ferretti Group and Sanlorenzo announced the creation of a 50-50 joint venture, NewCo, to take over Perini Navi, which was declared bankrupt by an Italian court on January 29, 2021.

Through NewCo, Ferretti Group and Sanlorenzo, global leaders of the Italian yachting business, have expressed interest in formulating a bid that entails the acquisition of Perini Navi’s Italian brands, assets and operations, also through a preliminary business branch lease, in order to foster a smoother and quicker recovery of production and to maintain employment levels, Sanlorenzo announced in a statement.

“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,” said Alberto Galassi, chief executive officer of Ferretti Group. “We are certain that our commitment will translate into further growth, with benefits impacting the local areas and increased success for the Italian nautical sector.”

Galassi also commented on the historic partnership with Sanlorenzo, saying that the agreement was “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.”

“I started my professional career in the nautical sector in Viareggio, specifically in the place and year when Perini Navi was created nearby,” said Massimo Perotti, executive chairman of Sanlorenzo. “It was 1983, and I have always admired the business model of this extraordinary brand.”

Perotti said that the partnership to save Perini was as much about saving an Italian brand as well as preserving jobs and communities depending on the brand.

“I am glad that I can do this in partnership with the Ferretti Group. This is a historical partnership for our sector, which I am convinced will see further developments and will stand as an example for other initiatives to strengthen the leadership of our sector throughout the world,” Perotti said.

Both Sanlorenzo and Ferretti Group have large market share in the Asia-Pacific region. Sanlorenzo is represented in Asia by Simpson Marine. Ferretti Group established Ferretti Group Asia Pacific in 2012 to deal directly with its clients in the region. Both brands enjoyed successful years in Asia in 2020.

Perini Navi has endured a long period of financial difficulty before finally being declared bankrupt in February. The yard has a number of projects in build, including two Vitruvius explorer yachts over 50 metres for Hong Kong buyers.

The new joint venture is part of a line up of Italian companies interested in taking over Perini Navi. On February 3, Palumbo Superyacht Group announced its interest in taking over Perini Navi.