The Italian Sea Group, through its 100% subsidiary New Sail s.r.l., won the auction held by the Lucca Court for the bankruptcy of Perini Navi S.p.A., at an overall price of 80 million Euros. The auction included the industrial and real estate assets of the shipyards in Viareggio and La Spezia, the building complex in Pisa, one vessel under construction (project n. 2369), trademarks and patents, the social participation (100%) of Perini Navi USA Inc. and the existing legal relationships with employees and third parties.
TISG will finance the operation through cash availability, re-investing a significant portion of IPO proceeds collected at the beginning of June, as well as bank funding lines.
The Company is extremely satisfied with the acquisition, operation that it has followed ever since the beginning and that perfectly integrates with its growth strategy and its competencies in the sailing yacht sector, already widely recognised by the market, which will allow the Company to properly enhance the Perini Navi brand.
In particular, TISG leverages on a strong internal know-how in the sailing yacht business and a proven track record in the enhancement of assets and brands. Additionally, in Perini Navi’s case, the relaunch possibility is favoured also by the fact that the financial crisis which led to the bankruptcy did not involve the value of the prestigious brand, which has remained intact, as demonstrated by the prices recorded in the most recent transactions on the second-hand market.
TISG can count on a considerable number of professionalities / people who had worked for Perini Navi, recruiteded by The Italian Sea Group in the last year, who factually contribute to create and cement an internal culture in the construction and refit of sailing yacht projects: the integration of additional employees from Perini Navi will therefore be quick and effective. TISG has also an unparalleled track record in the refit of Perini Navi sailing yachts, with around 50% of the brand’s yachts having passed through The Italian Sea Group shipyard.
It is expected that Perini Navi S.p.A.’s integration could bring several benefits to the Group: expansion of production capacity which will allow the order intake for the refit to double and will lead to the acquisition of new contracts for the construction of 90-130 metre motor yachts and growth in marginality for the refit.
“I am very proud of this operation. We wanted to push forward with the investment, but we have approached the auction with absolute determination to acquire all of the asset considering our consolidated competence and the new contracts, in particular in the segment of large sailing yachts.” commented Giovanni Costantino, The Italian Sea Group Founder & CEO. “The new production spaces will allow us to increase incoming order for the future in a very dynamic segment, as proven by the two orders for sailing yachts that we signed in December. We are therefore confident to have made the right decision, driven by an incoming order that has exceeded expectations by 50%.”
The Perini Navi acquisition represents an achievement with exceptional strategic importance for the Company’s future, as it continues to expand its horisons in an objective to increase production capacity to accommodate the growth in new orders and a significant increase in demand. The prestigious Perini Navi brand will allow the great strategic opportunity for the Company to expand and strengthen its positioning in the large sailing yacht segment, in which it is already active.
The Company had already acquired from the Perini Navi bankruptcy two projects in progress, which are going to be completed through the NCA Refit division, which has already operated in the refitting of Perini Navi vessels, as demonstrated by the four yachts currently present in the shipyard.
