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Permira in for Ferretti boats

The European private equity firm has tabled a E675m offer for the Italian luxury yacht manufacturer.

Private equity firm Permira has announced details of a public-to-private deal to acquire Italian luxury powerboat manufacturer Ferretti.

The offer, at E4.35 per share, represents a 21.7 per cent premium to Ferretti's share price in the month to July 5, and values the firm at E674.3m. It will be made through Luxembourg-based holding companies, Impe Lux and its unit Coci, and is expected to commence in August.

The offer has been approved by Norberto Ferretti, chairman and founder of the Rimini-based company, who holds 28 percent of the company. Management at the firm have agreed to invest up to E123.9m in Impe if the Permira bid is successful.

Permira says that the delisting of the company will enable it to consolidate Ferretti's international presence and increase its range of products. Ferretti currently offers products across six brands targeting the top end of the luxury boat market.

Paolo Colonna, who established Permira's Italian office in 1998, declined to comment on the transaction, citing Italian regulation which prohibits commentary on public offers. The offer is expected to close in September, with offer documents presented by July 22.

Permira’s most recent acquisition was the joint venture agreement with Bank of Scotland to acquire the storage systems division of Wagon plc in a £60m deal in early June.