News
As already hinted at by Massimo Perotti, president and CEO of Sanlorenzo and former president of the Italian Marine Industry Association, when asked during the 63rd Genoa International Boat Show about what would be the next steps for the Sanlorenzo Group (the answer to which was “Sailing”), Sanlorenzo has now announced that it has signed a Binding Contract providing for the sale by Sawa, a company controlled by Leonardo Ferragamo, and purchase by Sanlorenzo of 100% of Nautor Swan S.r.l. and its subsidiaries. The Nautor Swan Group includes, for the sailing sector, the Swan, Maxi Swan and ClubSwan brands, and for the motor sector, the brand Shadow and Arrow.
“The signing of this agreement,” stressed Massimo Perotti, “represents the achievement of yet another milestone in our strategy. In recent months we have drawn up a solid industrial plan, in terms of product development and consolidating the numerous synergies defining the technological, production, and commercial sides of our operations, as well as economies of scale, working in collaboration with Leonardo Ferragamo and the Nautor Swan management, who have transformed the shipyard and its boats into an iconic brand on a global scale. We are talking about an ultra-exclusive niche brand whose philosophy is perfectly coherent with that of Sanlorenzo”.
“Over the last 26 years,” commented Leonardo Ferragamo, “alongside our many wonderful collaborators, we have dedicated ourselves to developing and transforming this already famous and iconic shipyard into an international brand recognised worldwide for its quality, elegance and reliability, all typical elements at the heart of Nautor Swan. Today my goal is to steer a brand so loved and respected across the world towards perpetuity, entrusting it to one of the most important yachting groups in the world, led by Massimo Perotti, one of the most brilliant entrepreneurs in the sector, so that it may reach the great potential that we have made possible with unwavering passion and dedication over the years. Retaining a significant minority stake will also allow me to continue to transfer the culture, knowledge and experience gained over the years, to the benefit of the many people who work in the company, the over 2,300 Swan owners around the world, and many others who dream of becoming a part of this community.”
The sale will take place in two tranches: 60% of the shares at the first closing, expected in the short term, amounting to €48.5 million, equivalent to the pro-rata share of an agreed Equity Value of €80.9 million (“Equity Value First Closing”), as determined based on an Enterprise Value (“EV”) of €90.0 million and an Adjusted NFP as at 31st December 2023 of €9.1 million.
Followed by 40% of the shares at the Second Closing, by 30th April 2028 (based on FY2027 financials), valued at the higher of the First Closing Equity Value and the Equity valuation resulting from the application of the 9x EV/EBITDA multiple.
Post acquisition, the Nautor Swan Group will be led by Massimo Perotti, as CEO, and Giovanni Pomati, as co-CEO. Leonardo Ferragamo will retain the position of Chairman of Nautor Swan.
