The customers’ yachts

Permira is buying luxury yachts company Ferretti for E674m and Ferretti's management team which have pledged to tender their shares, will be ploughing E124m back into the bid vehicle. But another Permira fund had previously bought a 60% stake in Ferretti and then floated most of that stake in an IPO in 2000. The flotation valued the company at E382m. Breakingviews wonders going on.