Superyacht Builder Takeover of Perini Navi

PERINI NAVI ON THE ROPES

Milano Finanza, Italy’s financial newspaper, reports yacht builder Perini Navi has filed for bankruptcy protection.

The move is hardly surprising, or unexpected.  The company has negative EBITDA of €25 million.  Debt between banks and suppliers is estimated at €55 million.

What is a bit of a surprise?  A buyout might be cultivated with rival local yard, Sanlorenzo.

ENTER SAN LORENZO

The newspaper states Sanlorenzo seeks a 70% controlling stake in Perini Navi.  To achieve this, the majority shareholder (the Tabacchi family) will dilute their ownership.  Their stake will drop from 74% to 30%

THE ARRANGEMENT

To begin with, a new company will be created.  After that, a cash infusion of €40 million will be needed.  Simultaneously,  Sanlorenzo will inject €30 million, and the Tabacchi family will put up €10 million.

NOT SO FAST

Perini Navi Chairman Edoardo Tabacchi is probably eager to close a deal.  However, there are many hurdles.

First, the Italian courts must formalize the bankruptcy. Second, the deal requires the consent of creditors.  Third, the deal could be challenged as a local monopoly.

Both yards are based in Viareggio.  Local union FIOM Tuscany is concerned about the plan.  In particular, the union questions the impact of such a monopoly within Viareggio.  They want a review of local concessions.

THE FUTURE:  SAIL VS POWER

It’s hard to challenge the success of Sanlorenzo.  In 2019, they went public with an IPO.  Year end reports were strong. New motor yacht sales up 39.3% compared to 2018.  EBITDA up 73.4% compared to fiscal 2018.

Even so, can Sanlorenzo succeed in the sailing yacht sector?  Consider Perini Navi is ranked #1 in the top 5 sailing superyacht builders.  Traditionally, in the superyacht market, 5 times as many motoryachts are built as compared to sailing yachts.

THE CHAIRMAN COMMENTS

Even so, Chairman Massimo Perotti remains positive:

“Sailing yachts are the sustainable future…the wind is completely clean and completely free.”

Perotti might be correct.  According to Boat International,

“(in 2019) We also recorded some welcome news for the sailing sector this year, with the numbers of 24-metre-plus sailing yachts ordered or under construction increasing by 15.7 per cent over last year. The number of projects – 59 – is still way down on the 10-year high of 95 in 2014, but any uptick in interest in sailing is welcome.”

HISTORY

Perini Navi defines private luxury yacht charter for sailors.  For instance, sail yacht SELENE, and sailing vessel PERSEUS 3, and BRAVO’s Below Deck’s sailboat, PARSIFAL III.  Of course, there is also the most famous sail yacht on the planet, the superyacht MALTESE FALCON.

Hopefully, the name will live on…

SAIL OR POWER?  AND WHY!

Do you prefer sail or power?  Why?  Please comment below!

This entry was posted in Yacht Charter News Educational and tagged Perini Navi, Maltese Falcon, Perseus 3, Sanlorenzo, Selene, Tabacchi family, Perini Navi chairman, yacht builder bankruptcy, EBITDA, Milano Finanza, Perini Navi files bankruptcy

About Jana Sheeder

Jana Sheeder, President of 1-800 Yacht Charters. Providing The Superyacht Experience(R) since 1976. Private luxury yacht charter vacations in the Mediterranean, Caribbean, Bahamas, South Pacific, South Florida, Miami and The Keys, Italian Rivera, Belize. Megayacht charter company focused on generosity, Pay it Forward, Random Acts of Kindness, Giftivism, giving back to the ocean, to the needy, and the environment with every superyachting charter. Providing eco-friendly alternatives while on yacht charters and known for 6-star customer service, experience, and generosity. One of the original yacht charter companies.
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