Chinese Weichai Group Takes Control of Yacht Manufacturer Ferretti

january 16 2012

Shandong Heavy Industry Group (SHIG)-Weichai Group has reached agreements with the major creditors of luxury yacht maker Ferretti to acquire a controlling interest in Ferretti by participating in Ferretti’s debt restructuring. Italian group Ferretti, the world's largest luxury yacht manufacturer has 8 yacht brands (Ferretti Yachts, Pershing, Itama, Bertram, Riva, Mochi Craft, CRN and Ferretti Custom Line) and owns a total of 8 shipyards in Italy as well as in Miami, USA. It employs nearly 2000 people.

Developing the yacht business is one of SHIG-Weichai Group’s strategic goals for the next five years, according to Mr Tan Xuguang, Chairman of SHIG-Weichai Group. "Ferretti, which possesses iconic international brands, state-of-the-art manufacturing technologies, products of the highest quality and an extensive sales network, is an ideal partner. Through the acquisition, the Group will cooperate closely with this world-renowned yacht maker, providing Ferretti with new channels to market and capital support as well as other resources with which it can expand more effectively into emerging markets, a key area of potential growth for Ferretti.”

The SHIG-Weichai equipment manufacturing group offers a range of commercial vehicles, construction machinery and other heavy-duty industrial products. SHIG-Weichai aims to facilitate Ferretti‘s expansion in emerging markets such as Asia, with a particular focus on Greater China. In addition, the Group will provide a range of other resources to Ferretti to stimulate its business development in both the traditional European and American markets as well as other emerging markets.

Through a total investment of EUR 374 million, including equity investment of EUR178 million and provision of debt financing of EUR 196 million, SHIG-Weichai Group will acquire a 75% interest in the yacht maker after the completion of the debt restructuring procedures. Existing creditors will acquire the remaining 25% interest in Ferretti through a EUR 25 million equity injections and debt to equity swap. Ferretti’s key management team, headquarters and yacht production bases in Italy will be retained.

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