Ferretti and Sanlorenzo team up to save Perini Navi

It happens in the world of automobiles, where the market is made up of “alliances.” In boating, on the other hand, for two major, decidedly competing brands to get together is more unique than rare.

Ferretti Group and Sanlorenzo create a NewCo (“New Company”) as an equal (i.e., 50/50) joint venture to take over, enhance, and breathe new life into Perini Navi, the historic Made in Italy shipyard of super sailing ships that you can maneuver yourself, declared bankrupt by the court of Lucca last Jan. 29.

When two such giants (455.9 million in 2019 sales for Sanlorenzo, 649 million for Ferretti) come together, the hopes for other players interested in buying Perini’s brand and assets, Italian Sea Group and Palumbo Superyachts, come up short.

WHY FERRETTI IS “CHOMPING AT THE BIT” FOR PERINI

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), 649 million in sales in 2019, has eight brands under its umbrella (Ferretti, Riva, Pershing, Itama, Mochi Craft, CRN, Custom Line, Wally Yachts) and one foot in the sailing world after the acquisition, precisely, of Wally. There is great interest in Perini’s assets, considering that, in fact, Wally has no real production site.

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STATEMENTS FROM FERRETTI’S AD

“Important day for the Italian boating industry and for the employees and families of Perini Navi. Passion, experience and unique skills that in this way will continue to be protected. As well as the Perini Navi supply chain, which is being safeguarded today, composed of many suppliers to whom serenity will be restored and assured.” commented the Advocate. Alberto Galassi, CEO of Ferretti Group. “As Ferretti Group we are constantly looking for excellence and skills that complement our own: often, see today’s case, we find them in Italy.

We are confident that our efforts will result in further growth with beneficial spillover effects on the territory and greater splendor for Italian boating. I also like to emphasize the historical importance of the alliance with Sanlorenzo, in line with the new spirit of cooperation in the country: a beneficial broadening of horizon that will enable us to seize even more opportunities and successes.”

THE REASONS FOR SANLORENZO’S INTEREST

A publicly traded company, Sanlorenzo ended 2019 with a turnover of 455.9 million euros: the group led by CEO Massimo Perotti, which builds superyachts from 27 to 70 meters, is interested not only in the Perini brand but also in the assets of Perini Navi, since two of its three factories are in Spezia (the former Beconcini shipyard, for refit & repair of megayachts) and 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 VOICE OF THE CEO OF SANLORENZO

“I began my professional history in boating in Viareggio in the very place and year that Perini Navi was born a few steps away,” stated Massimo Perotti, CEO of Sanlorenzo. “That was in 1983, and ever since then I have always looked with great admiration at the business model of this extraordinary brand: boats with excellent qualities, built strictly to order for a limited number of experienced yachting connoisseurs. Characteristics of uniqueness that years later I found in Sanlorenzo.

Because of these similarities and with the strong determination to save an Italian brand with an unparalleled history, in the interest of the territory and all stakeholders, first and foremost employees and suppliers, I have from the first moment expressed Sanlorenzo’s willingness to intervene in its relaunch. Today I am happy to be able to do this in participation with the Ferretti Group. This is a historic alliance for our industry, which I am convinced will have further developments and set an example for other initiatives to strengthen our industry’s leadership in the world.”

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