What happens now at Perini Navi and who might be the new owner

We told you here how it came to be that Perini Navi went bankrupt: now it remains to be seen who will be the new owner of the iconic brand that is a symbol of made in Italy, of sailing ships you can maneuver yourself. For now, bankruptcy trustee Franco Della Santa will take over the interim operation.

Then on June 22, the verification of the company’s liability status will take place in court and we will be able to better understand the fate of the plants in Viareggio, Spezia, Yldiz (Turkey). But in the meantime, “at the window” are three major candidates, operating, primarily, in the field of motor megayachts. The Ferretti Group and Sanlorenzo, which had already expressed interest in acquiring the brand, were joined by The Italian Sea Group. Who will come out on top?

SANLORENZO’S INTEREST

Let’s analyze the situation of Sanlorenzo, the only publicly traded company with a turnover of 455.9 million euros (2019): the group led by CEO Massimo Perotti, which builds superyachts from 27 to 70 meters, could be interested not only in the brand but also in Perini Navi’s assets, since two of its three factories are in Spezia (the former Beconcini shipyard, for refit & repair of megayachts) and in Viareggio (the head office) just like those of Sanlorenzo (which counts on a third factory in Massa).

Certainly the IPO provides great credibility to the brand, which should then act in the utmost transparency with a solid and forward-looking business plan. This is an excellent opportunity for Sanlorenzo to enter the sailing superyacht market-a market that is certainly niche compared to the motor market, but easily attacked with an internationally recognized brand like Perini.

THE “CHINESE” SOLUTION

The Chinese-majority Ferretti Group (86.8 percent is held by Chairman Tan Xuguang’s Shandong Heavy Industry Group-Weichai, with 13.2 in the hands of Piero Ferrari, Enzo’s son) is another major player: 649 million in sales in 2019, eight brands under its umbrella (Ferretti, Riva, Pershing, Itama, Mochi Craft, CRN, Custom Line, Wally Yachts), one foot in the sailing world after the acquisition, precisely, of Wally. Again, interest in Perini’s assets would be great, considering that, in fact, Wally has no real production site. CEO Alberto Galassi has never hidden his interest in the Perini brand.

THE 100% ITALIAN TRACK

The latest “hot name” to enter this three-way challenge is The Italian Sea Group (TISG) of president and founder Giovanni Costantino: a company that has been growing in recent years, with its Tecnomar, Admiral, and NCA Refit brands (as well as the acquisition of Celi, a historic company renowned for luxury wood interior work). The Italian group, based in Marina di Carrara, closed 2019 with sales of 97 million. Moreover, Nor is he completely unfamiliar with the world of superyacht sailing: the refitting of the legendary Mirabella V, the largest sloop-rigged yacht ever built (77 meters long, 90 meters mast!) recently took place in the very yards of NCA Refit, which proved to have space and expertise.

We reiterate the question: who will come out on top? So many assumptions, so far few certainties. We don’t yet know what will happen to Perini’s factories (the bankruptcy trustee will look after the interests of the shipyard’s 100 employees, who will presumably be absorbed by the new owners: the Turkish shipyard remains to be understood), but on one thing we can rest assured: the brand of superships that go it alone, founded by Fabio Perini in 1983, will not disappear.

E.R.

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