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Sanlorenzo and Ferretti Group team up to take over Perini Navi

15 February 2021By Miranda Blazeby

Italian shipyards Sanlorenzo and the Ferretti Group have joined forces to take over Perini Navi after the yard was declared bankrupt earlier this month.

The two companies have announced a joint venture named NewCo, which is “formulating a bid that entails the acquisition of Perini Navi’s brands, assets and operations,” a statement said.

The statement added that the venture will aim to “foster a smoother and quicker recovery of production and to maintain employment levels.”

Ferretti Group chief executive Alberto Galassi said the agreement “safeguarded” the activities of Perini Navi and suppliers to the yard could “rest easy”.

“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,” Galassi said.

“We are certain that our commitment will translate into further growth, with benefits impacting the local areas and increased success for the Italian nautical sector.”

Sanlorenzo executive chairman Massimo Perotti added that he has a “strong determination” to save Perini Navi, which he described as an “Italian brand with unrivalled history”.

“Now I am glad that I can do this in partnership with the Ferretti Group,” he added. “This is a historical partnership for our sector, which I am convinced will see further developments and will stand as an example for other initiatives to strengthen the leadership of our sector throughout the world.”

Palumbo Superyachts and The Italian Sea Group had also previously declared their interest in the assets of Perini Navi.

"TISG aims to carefully assess and verify, once the insolvency assets will be identified, whether the conditions to take part in the competitive auction procedure exist," The Italian Sea Group said in a statement.

The yard added that it “believes that maintaining in Italy a historic brand such as Perini Navi – the leading player of luxury sailing worldwide – represents a strategic interest for Italy itself.”

Perini Navi announced last year that it had reached an agreement with private equity company Blue Skye Investment Group to restructure its €100 million debt.

A court in Lucca gave the company until this year to present the final restructuring plan, but none was forthcoming, it is understood, leading the court to declare the shipyard bankrupt.