In an unprecedented move Ferretti Group and Sanlorenzo have announced they will be working together to rescue the bankrupt Perini Navi shipyard.
The two brands revealed they will be creating a joint venture company to take over Perini Navi, which was declared bankrupt at the end of last month. The new company will put forward a bid for the acquisition of Perini Navi’s Italian brands, assets and all operations.
Such a collaboration between rival brands is unusual, however, it avoids the possibility of Ferretti and Sanlorenzo bidding against each other should the future of Perini Navi be decided by auction. It is also hoped the takeover will mean current employee levels are maintained.
In terms of the distribution of assets, it is understood Sanlorenzo has declared an interest in Perini Navi’s sailboat division and headquarters in Viareggio, whilst Ferretti Group has its eyes on the facility in La Spezia.
Mr Alberto Galassi, Chief Executive Officer of Ferretti Group says: “This is an important date for the Italian nautical sector and for employees and families of Perini Navi. Passion, experience and unique expertise, which will now continue to be protected. As well as the related activities of Perini Navi, which are now safeguarded, composed of numerous suppliers who can now rest easy.”
He went on to explain that: “I would also like to point out the historical importance of this alliance with Sanlorenzo, in line with the new spirit of cooperation that is infusing our country: a beneficial opening of new horizons, which will enable us to seize even more opportunities and ensure greater success.”
Mr Massimo Perotti, Executive Chairman of Sanlorenzo, added: “I started my professional career in the nautical sector in Viareggio, specifically in the place and year when Perini Navi was created nearby. It was 1983, and I have always admired the business model of this extraordinary brand: high-quality yachts, built solely on a made-to-measure basis, for a limited number of yachting experts.
"These are unique characteristics that I also found in Sanlorenzo years later. Due to these similarities, and with the strong determination to save an Italian brand with unrivalled history, in the interest of the local communities and all the stakeholders, employees and suppliers above all, I immediately demonstrated Sanlorenzo’s willingness to intervene to relaunch it. Now I am glad that I can do this in partnership with the Ferretti Group.”
Founded in 1983, Perini Navi is based across three facilities in Viareggio and La Spezia in Italy and in Tuzla, Istanbul in Turkey. It specializes in the design and construction of superyachts in aluminum and steel and, according to yacht buyer intelligence, has delivered 61 superyachts over the years with an average length of 48m (157.5ft). Its largest build ever was the 88m (289ft) sailing yacht Maltese Falcon, delivered in 2006.
The Ferretti Group incorporates the Pershing, Itama, Riva, Mochi Craft, CRN, Custom Line and Wally marques, as well as its own eponymous brand. Combined with Sanlorenzo, who last year alone were responsible for the delivery of 32 yachts with an average length of 52m (170.5ft), they bring a wealth of experience to the industry and to ensure a smooth transition to recovery for Perini Navi.
To get an idea of the scale of projects both the Ferretti Group and Sanlorenzo are involved in you can view all new and pre-owned yachts for sale.
