Perini Navi auctioned to Italian Sea Group for €80m

The Italian Sea Group (ISG) made the winning bid in the auction for sailing superyacht specialist, Perini Navi. ISG bid €80m ($90.2m) through its subsidiary, New Sail at the auction held by the Lucca Court, Italy.

Giovanni Costantino, ISG, founder and CEO, said: “I am very proud of this operation. We wanted to push forward with the investment, but we have approached the auction with absolute determination to acquire all of the asset considering our consolidated competence and the new contracts, in particular in the segment of large sailing yachts.”

As noted in previous stories the acquisition includes the industrial and real estate assets of Perini’s shipyards in Viareggio and La Spezia, its building complex in Pisa and a vessel under construction.

ISG will finance the operation through cash availability, re-investing a significant portion of IPO proceeds collected at the beginning of June, as well as bank funding lines.

The firm said it is “extremely satisfied” with the acquisition, Perini Navi has been a company that ISG has followed since it was established and it “integrates with its own growth strategy”.

Costantino added: “The new production spaces will allow us to increase incoming orders for the future in a very dynamic segment, as proven by the two orders for sailing yachts that we signed in December. We are therefore confident to have made the right decision, driven by an incoming order that has exceeded expectations by 50%.”