Two of Italy’s Biggest Yacht Builders Will Reportedly Merge
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Milano Finanza today reported that Sanlorenzo, one of Italy’s largest yacht builders, is acquiring another Italian builder, Perini Navi. The acquisition would give Sanlorenzo one of the world’s strongest sailing superyacht brands, while providing financial stability for Perini Navi.
The paper reported that Perini Navi will restructure its debts under article 182 of Italian law. Once that happens, a new parent company will be established.
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Sanlorenzo will control about 70 percent of the shares, according to the paper, while contributing $33 million (30 million euros) to financing the operation. The Tabacchi family, which signed an agreement in 2018 to acquire a 49.9 percent stake in Perini Navi, will hold a 30 percent stake in the new company, while contributing $11 million (10 million euros) to operations.
Perini Navi, which has built famous sailing superyachts like the 289-foot Maltese Falcon and 197-foot Seven, has had publicized financial problems since the Great Recession. Despite that, the brand continued to attract many followers. At last September’s Monaco Yacht Show, the company reported an order book valued at $176 million (€160 million), with seven yachts under construction.
Sanlorenzo has been aggressively expanding over the last decade, having delivered 103 superyacht projects during that time. Before Covid-19, it was scheduled to deliver another 24 yachts this year. The Italian builder went public in 2019. For last year, it reported its strongest financial year ever, with net sales of $500 million (€455 million), up 39.3 percent from 2018. The company has been expanding its product lines into ever-larger yachts and also acquired the Bluegame brand in 2018.
Sanlorenzo, which did not immediately respond to a request for comment about the acquisition, said in March that it had a backlog of orders of more than $549 million (€500 million). Perini Navi will give it another type of yacht for the supeyacht segment.
Perini Navi sent out a statement today acknowledging it was in the middle of a debt restructuring. “The Board of Directors intends to preserve the Company’s business and heritage, thus ensuring continuity to the important orders currently in build, as well as achieving the highest possible level of creditors’ satisfaction,” it said in a statement.
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