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Luxury yacht family business considers sale

Ferretti, the Italian luxury yacht builder founded by the Ferretti brothers, is reportedly considering selling to Chinese machinery group Shandong Heavy Industry in a bid to restructure the family business’s assets.
Luxury yacht family business considers sale

Ferretti, the Italian luxury yacht builder founded by the Ferretti brothers, is reportedly considering selling to Chinese machinery group Shandong Heavy Industry in a bid to restructure the family business’s assets.

According to the Financial Times, the debt-burdened group, which owns brands such as Pershing, Itama and Riva as well as its own Ferretti Yachts and Ferretti Custom Line, is considering a deal that would see Shandong repaying its creditors.

These include private equity firms Oaktree Capital and Strategic Value Partners, which together own about 60% of the group’s debts, and Royal Bank of Scotland, which owns an additional 12%.

This is the latest in a series of debt restructuring attempts, which started in 2007 when Candover, a private equity firm based in London, bought the majority of the Italian company for €1.7 billion.

Brothers Alessandro and Norberto Ferretti established Ferretti in 1968. Today, Norberto and the group’s management own a 38.2% stake in the company but they control 100% of its voting rights.

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