Two asset-management firms have their eyes on Perini Navi. It’s part of a larger joint venture focused on companies in need of restructuring and turnaround. The result may be Perini Navi receiving capital infusion from the duo.
The companies are Arena Investors and Blue Skye Investment Group. Based in New York, Arena Investors is an institutional asset manager specializing in transactions that banks and other traditional financial institutions cannot address. Blue Skye Investment Group, meanwhile, is a London-based investment company and asset manager. It has engaged in a few high-profile transactions. For example, several years ago, it acquired a stake in Gruppo Cipriani, the owner of Cipriani restaurants, for a financial turnaround.
Arena Investors and Blue Skye already have a track record of investing together. Some of their moves have been high profile, too. For instance, they injected money into A.C. Milan, the well-known soccer team. Additionally, they invested in Bauer, which owns and operates the Bauer Palazzo hotel in Venice.
Interestingly, a press release from the companies only briefly mentions the possibility of Perini Navi receiving capital infusion. The broader focus is a new joint venture targeting Italian mid-market companies. In fact, Arena Investors and Blue Skye simply state that the planned Perini Navi investment is in “the final stages of an exclusive due-diligence process.” They do not mention the financial amount, however.
In the meantime, Salvatore Cerchione, Blue Skye’s managing partner, says the current economic climate means companies need “sophisticated capital solutions that support business turnarounds as well as specific managerial support to go through the process of financial restructuring.” Dan Zwirn, Arena’s CEO and CIO, adds, “Coupling our two firms’ financial resources and turnaround capabilities results in a powerful offering that will benefit Italian companies in need of flexible, smart capital.”
This is not the first instance of Perini Navi possibly receiving capital infusion. Earlier this year, Sanlorenzo confirmed it was seeking to acquire the shipyard. In fact, it had an exclusivity period, which expired over the summer. Sanlorenzo continued negotiations, though, in the ensuing weeks.
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