Italian yacht builders Ferretti Group and Sanlorenzo are forming a joint venture to save Perini Navi from bankruptcy.
At the very end of January this year, it became known that the famous Italian manufacturer of luxury Yacht Perini Navi failed to cope with the difficulties caused by the coronavirus pandemic, and was forced to declare bankruptcy. Measures proposed earlier by the company's management aimed at saving her were rejected by the court. Also, Perini Navi was not given time to develop new debt reform plans.
It would seem that you can put an end to the famous manufacturer. But then other well-known Italian companies specializing in the construction of yachts came to the rescue. Ferretti Group and Sanlorenzo made an offer to acquire the brands, assets and Italian operations of Perini Navi. According to the data presented, the two manufacturers formed a 50-on-50 joint venture called NewCo. It should take over the management of the bankrupt shipbuilder.
According to Ferretti Group CEO Alberto Galassi, this ensures the protection of unique skills and developments. It will also give confidence to the employees of the bankrupt company, as well as to the many different suppliers in Perini Navi's complex supply chain. The creation of NewCo will "benefit the region and further enhance the prestige of the Italian yachting industry."
A similar statement came from Sanlorenzo Executive Chairman Massimo Perotti, who said the alliance is "historic" for the entire industry. And the rescue of the "Italian brand with an unparalleled history" will have a special meaning for the entire region. According to Perotti, he has always admired Perini Navi's business model of building yachts "of outstanding quality, built exclusively to order for a limited number of experienced owners and connoisseurs."