Ferretti Group and Sanlorenzo joint venture may acquire Perini Navi

If a court approves, a newly formed Ferretti Group and Sanlorenzo joint venture will rescue Perini Navi from bankruptcy.

The two yards have formed a new company in which each has a 50% ownership stake. Through this new company, they want to acquire the physical shipyards of Perini Navi. They also want its trademarks and overall assets. As an alternative, they will sign a lease agreement for the shipyards, to scale work and employment back up quickly.

“At Ferretti Group we are always on the lookout for excellence and capabilities to integrate with our own,” said Alberto Galassi, Ferretti Group CEO. “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.” Galassi additionally notes that the Ferretti Group and Sanlorenzo joint venture will safeguard suppliers, not just the employees and their families.

Massimo Perotti, executive chairman of Sanlorenzo, noted that his yachting career began the same year that Perini Navi did, in 1983. “Since then I’ve always had great admiration for the business model adopted by this remarkable brand,” Perotti noted. “Boats with outstanding qualities, built exclusively to order for a limited number of expert owners and connoisseurs.”

Furthermore, Perotti said Sanlorenzo has been interested in keeping Perini Navi solvent since its troubles became public. “Today I am pleased to be able to do so jointly with Ferretti Group,” he commented. “It is an alliance of historic importance for our industry.”

Galassi agrees, saying it reflects ‘the new spirit of collaboration sweeping through Italy’.

On 29^th January, an Italian court declared Perini Navi bankrupt, setting the stage for a trustee to safeguard its assets under provisional operations. The operations include two shipyards - one in Italy and one in Turkey - as well as sailing superyachts under construction.

The bankruptcy court in Lucca will review any proposal put forth and issue a decision. Palumbo Superyachts is among potential suitors.

Initially in declaring Perini Navi insolvent, the judge anticipated revisiting the status in June.

For more information, visit Ferretti Group, Sanlorenzo and Perini Navi. For more news and yachting tips, connect with us on Facebook, Twitter, Instagram and LinkedIn.

Source: MegaYacht News