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Rescue mission

Ferretti Group and Sanlorenzo announce the creation of a 50:50 joint venture NewCo to take over the declared bankrupt Perini Navi.

18 February 2021

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Through 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.

“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,” said Ferretti Group CEO Alberto Galassi.

“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, 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.

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“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.”

Sanlorenzo Executive Chairman Massimo Perotti 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 in 1983. 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.”

He concluded: “This 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.”

Perini Navi was founded in Viareggio in 1983 by Fabio Perini. His vision grew the company into one of the most successful fleet of large bluewater cruisers in the world. He then expanded his operations by acquiring the Picchiotti shipyard in La Spezia, a pioneering builder of luxury motor vessels, followed by the Yildiz yard in Tuzla, Istanbul.

 

ferrrettigroup.com
perininavi.it
sanlorenzoyacht.com

 

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