Sanlorenzo acquires Ferragamo's Nautor Swan
80.9 million transaction to be completed in two tranches. 60% shortly and the remaining 40% by April 2028
3' min read
3' min read
Sanlorenzo yacht enters the sailing world. After months of negotiations, the Ameglia (La Spezia) based company, listed on the Italian Stock Exchange and led by Massimo Perotti, is acquiring the Nautor Swan group (based in Finland), hitherto controlled by Leonardo Ferragamo. The company specialises in the design, construction, marketing and refit of luxury sailing yachts (under the Swan, Maxi Swan and ClubSwan brands), as well as motor yachts (under the Shadow and Arrow brands).
The binding agreement signed by the parties provides for the sale to Sanlorenzo, by Ferragamo's holding company Sawa, of 100% of Nautor Swan and, indirectly, of the investees included in the acquisition perimeter, which includes 13 companies of the Swan group located in seven countries (Finland, Italy, Spain, Principality of Monaco, United Kingdom, United States and Australia).
Two-tranche operation
.The transaction is conceived in two tranches: 60% of the shares will change hands at the first closing, expected in the short term, in the amount of EUR 48.5 million, equivalent to the pro-rata of an agreed equity value of EUR 80.9 million, determined on the basis of an enterprise value of EUR 90 million and an adjusted Pfn, as at 31 December 2023, of EUR 9.1 million.
The remaining 40% of the shares will be sold at the second closing, by 30 April 2028 (based on Fy 2027 financial data), valued at the higher of the equity value of the first closing and the equity valuation resulting from the application of the 9x Ev/Ebitda multiple.
For each closing, the parties have agreed that the price will be paid 2/3 in cash and 1/3 in shares, through a capital increase, with the exclusion of the option right reserved to Sawa, "unless technical difficulties arise that prevent its timely execution". The issue price of Sanlorenzo shares is valued at the arithmetic mean of the closing prices on the stock market in the 30 calendar days prior to the closing.
