Ferretti Group, Sanlorenzo form JV to buy Perini Navi
Ferretti Group and Sanlorenzo have formed a joint venture to take over fellow Italian yacht builder Perini Navi, declared bankrupt in late January.
Ferretti Group and Sanlorenzo have announced the creation of a 50/50 joint venture, NewCo, to take over Perini Navi, which was declared bankrupt by the Court of Lucca on January 29.
Through NewCo, 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 – to ensure a swift recovery of production activities and the maintenance of employment levels.
Alberto Galassi, CEO of Ferretti Group, said: “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.
“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. 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.”
Massimo Perotti, Executive Chairman of Sanlorenzo, added: “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. 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.”
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