The bankruptcy courts in Italy still need to approve the acquisition, which could take until the end of October. However, Joseph Balducci, president of Effebi-Overmarine, which builds Mangustas, doesn’t seem to anticipate any roadblocks. If his company receives formal approval, he intends to continue producing the Baglietto and Pisa lineups as complements to Mangusta’s offerings. In an interview he gave to the newspaper La Stampa, he says, “Our idea is to keep all the existing yards, not separate out anything. Of course, there will be synergies. Overmarine continues to make the Mangusta, Cantieri di Pisa continues in the cruiser fiberglass (market), Baglietto will continue its specialization in mega steel and aluminum. At least, that’s my idea.”
Effebi-Overmarine was one of three bidders for Baglietto. Sanlorenzo and a team led by Vladimir Antonov, a Russian banker and investor, were the others. In fact, during Sanlorenzo’s annual press briefing last week at the Monaco Yacht Show, Massimo Perotti, Sanlorenzo’s chairman, explained that the yard withdrew its bid in early September after Antonov raised his.
Interesting enough, Effebi-Overmarine’s bid was lower than both those of Sanlorenzo and Antonov. Balducci told La Stampa that it was exactly what the liquidator required: 30 million euros, plus an additional 10 percent. He further explained that he did not want to get involved in “a war of numbers” and decided not to increase the offer.
Even if the acquisition is a success, Balducci recognizes a tough road ahead. He told La Stampa that he’ll have to lay off some employees—but declined to give specific numbers—due to the continued weak economy. “I made it clear that the unions will keep those that I will need to make boats and know how to do it,” he added, stating he’d work with them on a best course of action.