The Ferretti Group has confirmed that Italian builder Wally Yachts is to join its portfolio of brands. Announced at the boot Düsseldorf boat show, the Ferretti Group will now hold an exclusive license agreement with Wally, representing a significant step towards the group's full acquisition of the brand.
The agreement will also see the start of a four-year period of investment in Wally from the Ferretti Group, including a €84 million fund to be used for brand development and the design and construction of new yacht ranges. All new Wally yachts will be built at Ferretti Group yards with much activity expected to take place at Ferretti's Ancona facility.
Speaking at boot Düsseldorf, Ferretti Group CEO Alberto Galassi explained, "There has long been a mutual fascination between us and Wally and from today we will continue to develop this extraordinary brand with method, vision, investment and with the same energy and creativity that has led the Ferretti Group to the top of the yachting world."
"The market today requires significant investment to develop new products and new markets," added Wally founder Luca Bassani. "Ferretti Group has great industrial, organisational and commercial capabilities and will be able to boost Wally. I will continue my design and development activity on an exclusive basis, ensuring the continuity of Wally's DNA. I could not wish anything better for Wally's life.”
The new license agreement will mark the group’s debut into sailing yachts and sees Wally Yachts join a portfolio of historic brands including Ferretti Yachts, Itama, Mochi Craft, Pershing, Riva, CRN and Custom Line.
The development comes after the Ferretti Group revealed it was eyeing sites in which to house Wally Yachts in the event of a successful acquisition.
Speaking at the Cannes Yachting Festival in September 2018, Galassi said he was "praying" for the acquisition to go through and the Ferretti 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."
In August 2018, leading Italian financial newspaper Corriere della Sera reported that it would cost the Ferretti Group €25-30 million to acquire the Monte Carlo based company founded by Luca Bassani.