Chinese Company Buys Ferrety Group
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Ferretti Group, the renowned Italian yacht manufacturer has had some financial issues that almost brought the company to bankruptcy. Fortunately, a group of investors prevented this from happening by purchasing shares in the company and forcing it to cede control. Now Ferretti is owned by Shangong Heavy Industries, which holds 75% of the yacht maker’s capital.
Also part of the deal are Strategic Value Partners and the Royal Bank of Scotland, which each own 12.5% of the Italian company. With this solution, Ferretti can keep all its 2,000 employees, plus its original headquarters, management, and production base.
In the meantime, the number of millionaires in China is constantly growing, and the demand for luxury vessels is also increasing as a consequence. It is estimated that the number of luxury yachts and power boats in the country will increase to approximately 10,000 by 2015, which is ten times more than the current number. From this perspective, the new status of the Ferreti Group seems to be a perfect win-win situation.