Ferretti, a Forlì-based company specializing in the construction of luxury yachts, is considering a total or partial purchase offer for The Italian Sea Group, a company active in the same sector but facing serious financial difficulties.
THE REVELATIONS OF BLOOMBERG
According to Bloomberg – which broke the news –, Ferretti could buy all the assets of The Italian Sea Group or only some assets, such as the La Spezia shipyard. The company is reportedly discussing the potential operation with its advisors, but it is not certain that it will submit an offer: in fact, Ferretti has denied having started negotiations with The Italian Sea Group, however specifying that it “constantly evaluates and monitors opportunities that may arise in the market.”
THE AMBITION OF THE NEW CEO ANASTASSOV
Bloomberg also wrote that the plans regarding The Italian Sea Group are being examined by the new CEO Stassi Anastassov, a Swiss financier of Bulgarian origin who worked for thirty years at Procter & Gamble and is involved in several Chinese entrepreneurial ventures.
Anastassov, who replaced Alberto Galassi, was appointed by the Chinese state group Weichai – the largest shareholder of Ferretti with 39 percent of the shares – during the last and contested shareholders’ meeting on May 14. Weichai’s list received over half the votes and thus emerged victorious against the list presented by the Swiss-Czech fund Kkcg, which was more “Eurocentric.”
According to Bloomberg sources, it seems that Anastassov wants to “play a leading role in consolidating the fragmented Italian yacht sector.” In this regard, Ferretti owns the brands Riva and Wally; among those of The Italian Sea Group, there are Admiral, Tecnomar, and Perini Navi.
– Also read: All of Sanlorenzo’s plans in the United States
HOW FERRETTI AND THE ITALIAN SEA GROUP ARE DOING
Ferretti has a valuation of over 1 billion euros and last year reported a net profit of 90 million and net revenue of 1.2 billion.
The Italian Sea Group, on the other hand, is worth around 80 million and has not yet released its 2025 financial results: however, in 2024 its revenues amounted to 405 million euros and, as of last September, its debt was 133 million. Since the beginning of the year, its shares have lost over 60 percent of their value after it filed a creditor protection request in March.
– For further reading: The perfect storm in which The Italian Sea Group is sailing
The majority shareholder of The Italian Sea Group is CEO Giovanni Costantino through Gc Holding, with 53.6 percent of the capital. Other shareholders include Giorgio Armani Spa and Belgian entrepreneur Marc Coucke.
