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Ferretti Group already eyeing new site for Wally Yachts

Ferretti Group is already eyeing a new site in which to house Wally Yachts in the event of a successful acquisition of the superyacht yard.

Speaking at the Cannes Yachting Festival, Ferretti Group chief executive Alberto Galassi revealed he was "praying" for the acquisition to go through, but admitted this would "take longer than a few weeks."

He revealed the group is already eyeing three different sites in which it would house the yard.

Speaking at the Ferretti Group press conference, Galassi said: "We’re going bigger across all our brands – Riva, Custom Line, Pershing and big means we need space. Our manufacturing capacity is almost full. We are looking at three sites and one of them will potentially be the house of Wally if the deal goes through."

He went on to reveal that the "father of the idea" was chief commericial officer Stefano de Vivo and the group would continue all operations currently underway at Wally Yachts.

"If and when we could close the deal, we want to do whatever Wally is doing today, including sailing yachts," he said. "It’s a brand that will fit very well into our crown."

Last month, leading Italian financial newspaper Corriere della Sera reported that it would cost the Ferretti Group between €25-30 million to acquire the Monte Carlo based company founded by Luca Bassani. It claims that the Ferretti Group has been on an acquisition hunt for a yard producing maxi yachts for “months”.

If successful, the acquisition will mark the group’s debut into sailing yachts and see Wally Yachts join its portfolio of historic brands, which also includes Ferretti Yachts, Itama, Mochi Craft, Pershing, Riva, CRN and Custom Line.

Ferretti group chief executive Alberto Galassi previously told Corriere della Sera that he has been negotiating with Wally founder and president Bassani “for months”.

“We care a lot about it because it is an extraordinary brand, synergistic with the other brands of the Ferretti Group, but it is a very complicated operation,” he told the newspaper.

“The agreement could be closed at the beginning of next year if the conditions underlying the agreement will be realised.”

Galassi added that he and Bassani are in “perfect harmony” in negotiating a deal.

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