Italian superyacht builder Ferretti SpA has announced its withdrawal from public listing of 30% of the company’s shares on the Milan stock exchange. The decision has been altered from the earlier course on returning to the listing.
The group already considered a return to the stock market back in 2008 but then the process was hindered by global financial crisis. The current change of plans is stipulated by no sufficient valuation under current market conditions, despite a number of positive applications, the company says.
The first auction with the participation of Ferretti on the Milan Stock Exchange was to take place on October 21. The company planned to put up a 30% stake. However, by the end of the IPO period, which lasted first from October 1 to 10, and then prolonged until October 15.
Alberto Galassi, CEO of Ferretti SpA
Ferretti saw lowering of its indicative price range for shares from the initial target of €2.50 to €3.70 per share to only between €2.00 and €2.50. That said, it would have meant a market valuation of € 581 million instead of aimed €1.08 billion.
Ferretti was acquired by Chinese industrial conglomerate Weichai Group in 2012. Under the Chinese management, the company succeeded to return from the crisis stage back to profit in 2017, paying off the debts through the activity of Riva and Pershing brands.
Currently, Weichai Group controls 75% of the company’s stake, with 13% bought by an heir of Enzo Ferrari, the founder of the iconic Italian supercar maker, in 2016.
However, in the new prospective, Alberto Galassi, CEO of the company, said in 2020 a share of about 30% might be sold to some new investor from Europe, reported Reuters.
For the moment, The Ferretti Group comprises eight brands: Ferretti Yachts, Riva, Pershing, CRN, Custom Line, Itama, Mochi Craft and Wally, the latest acquisition closed in April 2019. The brands portfolio is set to produce 43 models altogether.
Meanwhile, the company revealed at the Cannes Yachting Festival 2019, it had received an equity injection of €250 million from Weichai Group and Piero Ferrari through F Investments.
The Magnum 60 Furia was launched in 2001, designed by Magnum Marine and Ceo Catherine Theodoli. They say that this is the most successful of the Magnum models.Back in 2001, the 120-kilometer 60 Furia Magnum was named the fastest yacht of this size in the world and after extensive repairs at the Perini Navi Hammer shipyard reached higher speeds.Changes include new air intakes in the engine compartment along with a customizable display on the control panel.The new Magnum 60 concept is attractive to the original design, but much more pleasing to the eye, with distinctive details throughout the American style of the 50s. The owner’s room has individual storage solutions on either side of the room to ensure clean space.Marnix Hoekstra from Vripak says that they kept the overall layout and tuning of the boat, but improved it where it was possible, for example, expanding the companion from the saloon in the middle to the double and twin cabins. They also added daylight, and in the interior they used the same tree that was used in the construction of the boat, painting it in matt white.
February 20, 2020
The simultaneous growth of the megayacht segment and 20-30-meter space, combined with a strong deceleration of everything in the middle, led to the dominant consolidation in the space of superyachts. More than 63% of the gross tonnage of the yacht is currently delivered by only 10 shipyards, which are either in the range of megayachts, or in the range of day boats, or both.This is mainly due to the fact that the shipyards focused on closing yachts 40-60 meters long or a significant decrease in production due to falling demand and a very slow recovery. In fact, only in the last few quarters the demand for this range began to increase slightly, primarily due to larger versions of yachts of 20-30-meter models from these yards.In addition, banks are now afraid to finance yachts and especially shipyards after the events of 2008, which led to factories such as Baglietto had a negative capital of more than 100 million euros. Financing of enterprises in the field of yachting is currently mainly carried out by UHNWI, which decided to actively participate in the market.Some of them intervened to acquire shipyards, such as the Malaysian Genting Group, which acquired Wider Yachts after its owner first bought a yacht from them. On a larger scale, Mohammed Al Barwani, an Omani billionaire, acquired Oceanco in 2010, turning it into the powerhouse he is today.Most of the leading players in the field of yachting actually have strong financial power, which allows them to be less dependent on the credit lines of banks, be it Princess LVMH or Sunseeker Dalian Wanda and others.The same can be said not only about yards, but also about enterprises located in the services market. Camper & Nicholsons, one of the leading brokerage agencies, was acquired by Fincantieri and Lai Sun Group in 2014. Earlier this year, Fraser Yachts was acquired by the public American company MarineMax. Even new companies are now created by owners, such as Ahoy Club, created by Australian Ian Maluf, the owner of the 54-meter naughty and 72-meter Coral Ocean.Although all of these trends may seem unusual for the sector when viewed over the past few years, in reality it all happened earlier in times followed by economic downturns.
February 20, 2020
The 72.8-meter project 705 by Feedship was first taken out of its canopy in the Netherlands. The project is a joint project of the Dutch builder and the British design studio RWD together with the naval architects De Voogt and interior by the Italian design house FM Interior Architecture & Design.
February 20, 2020
A motor yacht built from aluminum as one of the Admiral S-Force series is due to be delivered at the end of May 2020.The accommodation is designed for 12 guests in six cabins, including the main suite of the main deck with a full set of VIP suites and four more cabins under the deck, all with fully equipped bathrooms.On the upper deck there is a large round area for sunbathing, which can also be used as a helipad.In the open air in the center of the yacht is a cinema, as well as an open bar.
February 20, 2020
The new generation of 20-30-meter yachts is easier and cheaper to attract and attract a wide range of owners looking for one-day boats and short routes without the hassle of operating a superyacht.Another attraction of smaller yachts for this base was the ability to move faster from bay to bay with cruising speeds almost twice the speed of superyachts, and the ability to dock closer to shore. Sanlorenzo, the Italian shipyard, the most active in the range of up to 30 meters, was unveiled earlier this December with a market capitalization of 550 million euros and revenue of 355 million euros in 2018.The shipyard created such a series as Bluegame Sanlorenzo.Bluegame yachts are built in accordance with the latest and most advanced construction technologies from composite materials.The BGX project is the result of a prestigious collaboration between Luca Santella, the head of Design & Style and the head of product strategy at Bluegame, together with the design studio Zuccon International Project.These yachts focus almost entirely on outdoor and recreational spaces, minimizing the importance of dining rooms and large cabins.Another common feature of yachts in this new assortment is oversized tender and water facilities for the size of ships, which emphasizes the interests of the new generation of owners. After this trend, its key players saw that their ratings rose sharply compared to those stuck in the middle.
February 19, 2020