Deals

Chinese Group Shi-Weichai Takes Control of Luxury Yacht Maker Ferretti

The Group Will Retain Management, Headquarters and Production bases in Italy

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America24, 10 gennaio 2012, 09:21

Shandong Heavy Industry Group - Weichai Group announced on Tuesday that it has reached agreements with the major creditors of the world's largest luxury yacht maker, the Italian company Ferretti Group, to acquire a controlling interest in Ferretti by participating in Ferretti’s debt restructuring.

Through a total investment of 374 million euros, including equity investment of 178 million euros and provision of debt financing of 196 million euros, SHIG-Weichai Group will acquire a 75 percent interest in the yacht maker after the completion of the debt restructuring procedures.
Existing creditors will acquire the remaining 25 percent interest in Ferretti through a 25 million euros equity injection and debt to equity swap. Through the acquisition, Ferretti’s capital structure will be fully restructured with equity capital increase by 100 million euros and total debts reduce to a reasonable level at around 120 million euros. The business will enjoy a strong capital base which will help drive its long-term development plans.

Ferretti, the world's largest luxury yacht manufacturer, boasts one of the world’s most advanced naval research and development centres and a team of architects and designers (Centro Stile Ferrettigroup). It also has a comprehensive global supply chain, which includes more than 800 suppliers, as well as some of the world's most advanced yacht manufacturing systems. Ferretti has eight highly regarded and recognized yacht brands and owns a total of 8 shipyards in Italy as well as in Miami, USA, and employs nearly 2,000 employees.

After the acquisition, the group will retain Ferretti’s key management team, headquarters and production bases in Italy.

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