This is an alliance of historic importance for the yachting industry. Ferretti Group and Sanlorenzo form a Joint Venture to rescue Perini Navi, one of the world’s most iconic luxury sailing brands.
Ferretti Group and Sanlorenzo, two rival Italian motoryacht builders, announced the creation of a 50:50 Joint Venture NewCo to take over Perini Navi, declared bankrupt by the Court of Lucca on January 29. Perini Navi is an Italian shipyard based in Viareggio, Tuscany, Italy. Perini Navi‘s largest project to date was the 88m Maltese Falcon for repeat client Tom Perkins. Other owners include Rupert Murdoch, Silvio Berlusconi, Turgay Ciner, Gerhard Andlinger, Larry Ellison, George Economou, Massimo Moratti, Bertram R.C. Rickmers and Kenneth P. Weiss.
In 2021, an Italian court declared Perini Navi bankrupt. It had made a loss of €80.87 million at the end of 2019, and a debt exposure of nearly €100 million by the first quarter of 2020. It employed about 100 employees at the time.
Through the NewCo, world leading players of Italian yachting excellence Ferretti Group and Sanlorenzo have expressed their interest in making an offer to acquire the trademarks, assets and Italian operations of Perini Navi, if necessary with a business unit lease agreement, in order to ensure a swift recovery of production activities and the maintenance of employment levels.
“It is fair to say at this point that the loss of the Perini Navi brand would be a sad day for the superyacht market. However, the strength of the business’ brand, location and portfolio make it a fascinating opportunity for the potential investors and with three major shipyard groups already announcing their interest in the brand, one can assume that this does not signal the end of Perini Navi,” commented superyachtnews.com.
“While the acquisition of Perini Navi’s physical assets perhaps represents the most obvious benefits for the superyacht businesses that are interested in the acquisition, the market would do well to remember the historical strength of Perini Navi’s brand,” added superyachtnews.com.
“This is an important day for the Italian yachting industry, for the employees of Perini Navi and for their families, ensuring in this way that their passion, experience and unique skills will continue to be protected. As will the Perini Navi supply chain, which is made up of numerous suppliers who will be reassured and whose peace of mind will be restored by today’s safeguards,” said Ferretti Group CEO Alberto Galassi.
“At Ferretti Group we are always on the lookout for excellence and capabilities to integrate with our own. And often we find them in Italy, as is the case today. We are confident our commitment will translate into further growth that benefits the local area and raises the profile of the Italian yacht industry still further. I would also like to emphasise the historical importance of the alliance with Sanlorenzo, reflecting the new spirit of collaboration sweeping through Italy: a positive broadening of our horizons that will let us seize even more opportunities and deliver even more success”.
“I began my professional career in the yacht industry in Viareggio, in the same place and year in which Perini Navi was starting life a short distance away,” said Sanlorenzo Executive Chairman Massimo Perotti.
“That was back in 1983 and since then I’ve always had great admiration for the business model adopted by this remarkable brand: boats with outstanding qualities, built exclusively to order for a limited number of expert owners and connoisseurs. These are the same unique features I found years later in Sanlorenzo. Because of these similarities and with a strong determination to rescue an Italian brand with an unparalleled history, in the interests of the local area, all stakeholders and first and foremost employees and suppliers, I have from the outset confirmed the willingness of Sanlorenzo to contribute to the brand’s relaunch. Today I am pleased to be able to do so jointly with Ferretti Group. It is an alliance of historic importance for our industry, one which I am convinced will continue to develop and set an example for other initiatives aimed at strengthening our world leadership in this sector”.