UPDATE, MAY 21, 2020: Perini Navi issued a statement today confirming it is restructuring its debt under Italian bankruptcy law. While it mentions the goal is to “overcome a moment of significant financial strain, which has been further exacerbated by the COVID-19 outbreak,” it makes no mention of an offer by Sanlorenzo. However, separately, Sanlorenzo confirmed its interest in the brand in a statement to Yahoo Finance. Specifically, it says it has exclusive talks with the Tabacchi family, who have the controlling interest in Perini Navi, plus managing director Lamberto Tacoli to reach an agreement. “The transaction would be in line with the Sanlorenzo business model … and would enable Sanlorenzo to expand its business perimeter and further consolidate its presence in the superyacht sector,” the statement reads.
Read on for our original article.
If reports from Italian financial media are accurate, the storied Perini Navi shipyard will soon be under the umbrella of fellow Italian superyacht shipyard Sanlorenzo.
Milano Finanza, the Italian national daily business newspaper, is reporting that the Perini Navi Group board of directors is filing for bankruptcy protection today. (The Group represents both the longstanding Perini Navi brand of sailing yachts as well as the Picchiotti brand of motoryachts.) Simultaneously, Sanlorenzo is in the midst of taking a 70-percent controlling stake. The remaining stake will, according to the newspaper, remain in the hands of the Tabacchi family. The family took a 49.9-percent interest in the Group in 2017. Specifically, the family-controlled company Fenix brought a capital injection of €27 million (about $29.3 million at the time) to the table.
We reached out to representatives of both Perini Navi and Sanlorenzo for commentary. We did not receive responses by press time.
Regardless, Milano Finanza reports that Perini Navi will first restructure its debt, in an agreement with creditors. Following this, Sanlorenzo and the Tabacchi family will create a new holding company. In fact, the 70-percent stake for Sanlorenzo will see the shipyard contribute €30 million. In turn, the Tabacchi family will contribute €10 million. Those sums in today’s dollars are about equal to $33 million and $12.1 million, respectively.
Perini Navi’s order book includes three yachts anticipated for delivery this year. One is the 42m E-volution sailing superyacht, a hybrid-powered project from Reichel/Pugh. As for Sanlorenzo, it plans to deliver its first 62 Steel this autumn.
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