Posted on January 3, 2022
The Italian Sea Group S.p.A. (“TISG”), global operator in the luxury yachting industry, 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, according to the company’s release.
As indicated in the previous press releases, the auction includes 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.
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;
Growth in marginality for the refit.
With this need for growth, partially covered through the two investment plans TISG 4.0 and TISG 4.1, there is also the great strategic opportunity represented by the prestigious Perini Navi brand, which will allow the Company to expand and strengthen its positioning in the large sailing yacht segment, in which it is already strongly active.
In December 2021, TISG has signed contracts for two sailing ketches with a length of 56 metres, which add to the project under costruction Art Explora, a sailing catamaran among the biggest in the world, a project with high cultural level and sustainable innovation.
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 3 has already operated in the refitting of Perini Navi vessels, as demonstrated by the four yachts currently present in the shipyard.
Considering the growth in demand, and the renown competences, the Perini Navi brand constitutes a significant opportunity for The Italian Sea Group.
