type societ per azioni industry yachtbuilding founded 1968 bologna founder alessandro and norberto ferretti headquarters forl italy area served worldwide products yachts revenue 500 million 2010 owner weichai group subsidiaries view all subsidiaries website www.ferrettigroup.com ferretti s.p.a. trading as ferretti group is an italian multinational shipbuilding company headquartered in forl which specialises in the design construction and sale of luxury motor yachts . its products are sold under the brands ferretti yachts custom line pershing itama riva mochi craft and crn . ferretti was founded in 1968 by alessandro and norberto ferretti as a manufacturer of small boats and produced its first motor sailer in 1971 . ferretti expanded through making numerous acquisitions including of cantieri navali dell adriatico cna s.r.l. in 1998 c.r.n. s.p.a. in 1999 riva s.p.a in 2000 cantiere navale mario moriniand in 2002 itama in 2004 and allied marine in 2008 . ferretti was acquired by the chinese multinational heavy machinery and automotive manufacturing company weichai group in 2012 . ferretti has manufacturing operations in italy and the united states . it has subsidiary companies in the united states ferretti group north america brazil ferretti group brazil based in s o paulo and a representative branch in shanghai . contents 1 history 1.1 1968 to 2000 1.2 2000 to 2010 1.3 2009 to present 2 operations 2.1 divisions and subsidiaries 2.2 shipyards 3 corporate affairs 3.1 financial data 3.2 ownership 4 racing 5 technology 6 notable customers 7 references 8 external links history edit 1968 to 2000 edit the company was founded in 1968 by alessandro and norberto ferretti and produced its first motor sailer in 1971 . during the 1980s the two brothers decided to specialize in the production of luxury motoryachts . they established a new unit in forl which today houses the company headquarters . in the early 1990s ferretti started an internationalisation process . in 1993 ferretti of america inc. was founded to market motoryachts in the usa canada mexico venezuela and the caribbean . ferretti of america liaised with the sales network that was already present in greece france spain germany and great britain increasing the impact of ferretti sales abroad . in 1994 ferretti began an international marketing process by creating a strategic network of dealers outside europe . during the second half of the 1990s after institutional investors acquired a share in the capital an expansion strategy for external lines was started through the acquisition of companies producing luxury motoryachts . in 1996 ferretti began operating in the segment of yachts with fibreglass flybridges measuring 28 to 40 metres in length through custom line s.p.a. in 1998 the group purchased cantieri navali dell adriatico cna s.r.l. which specialized in building open type motor boats with the prestigious pershing brand . during the same year ferretti entered in the sport fisherman craft segment with the acquisition of american company bertram yacht inc. 1 the miami shipyard . bertram yacht was sold in 2015 . in 1999 ferretti group purchased c.r.n. s.p.a. a shipyard specialising in the production of maxiyachts in fibreglass and megayachts with steel hulls and aluminium superstructures measuring over 30 metres in length . 2000 to 2010 edit ferretti model 68 2005 cruising at 31 knots . pershing 72 european powerboat of the year 2008 in the category 50 feet and over in the year 2000 ferretti purchased 100 % of the capital of riva s.p.a. a producer of luxury fibreglass yachts measuring 10 to 35 metres in length both flybridge and open . in june 2000 with the aim of further consolidating its growth and development process ferretti group decided to list on the official italian stock exchange mta . in 2001 the company was admitted to the star segment high requisite share segment of the borsa italiana italian stock exchange . in may 2001 ferretti acquired the assets of the oram shipyard in la spezia where the new riva production area would subsequently be built . in august 2001 ferretti finalized an agreement for the acquisition of the apreamare s.p.a. shipyards in sorrento a leader in the production of gozzo sorrentino boats measuring 7 to 16 metres in length . in november 2001 acquisition of the mochi craft s.r.l. shipyard in pesaro was finalized . in 2002 the group took over diesse arredamenti in order to acquire new skills in the nautical furnishings sector complementary to its yacht building activity . in 2002 the group also finalized acquisition of cantiere navale mario morini in ancona which enabled crn to extend its production capacity pinmar s.l. a company specialized in yacht painting and refitting and zago s.p.a. an italian company operating in high profile wooden manufactured pieces and furnishings . between june 2002 and january 2003 the ferretti management team and institutional investors present among the shareholders permira decided to launch a voluntary public tender offer to acquire the entire share capital of the company with the aim of further expanding the group through acquisitions and a precise strategic national and international plan . in 2004 through pershing ferretti group acquired the itama shipyard which specializes in the construction of open motoryachts completing the current definition of the group . in 2008 ferretti group acquired the assets brands and activities of allied marine an american company specialized in after sales services and marketing of both new and pre owned motor yachts as well as brokerage services on the us market . in 2009 in order to align its organisational structure to the new market scenario ferretti group changed its structure and undertook a series of strategic and operative actions . the group s equity was divided between norberto ferretti and the management 38.2 % mediobanca 8.8 % and senior and mezzanine lenders the latter with a total 53 % in exit participation rights . norberto ferretti the group s management and mediobanca hold 100 % of the group s voting rights . 2009 to present edit a mochi craft long range 23 in december 2009 with the aim of continuing to focus on its core business the ferretti group sold its 60 % holding in pinmar s.l. a spanish company specializing in painting mega yachts to irish entrepreneur sean ewing . in march 2010 ferretti continued its divestment policy by selling 100 % of apreamare s.p.a. which included the nautical pole of torre annunziata naples to the aprea and pollia families the founders of the historic sorrento brand . in 2010 ferretti group brasil was established . operations edit divisions and subsidiaries edit mochi craft dolphin 74 the group consists of the following design and production companies pershing s.p.a. high performance open cruisers 11 to 35 meters ferretti flybridge motoryachts itama cantieri navali s.p.a open motoryachts 13 to 23 meters riva s.p.a. open and flybridge motoryachts 8 to 35 meters mochi craft division lobster boats 13 to 23 meters crn s.p.a. maxi yachts in composite materials from 39 to 43 meters with 3 decks and steel megayachts from 46 to 120 meters . shipyards edit ferretti group has production facilities in ancona forl cattolica s. giovanni mondolfo and sarnico italy . corporate affairs edit financial data edit in 2010 ferretti group had a turnover of approximately 500 million euro and ebitda of around 30 million euro . the improvement of this result in a market still characterized by price pressure was primarily due to the key initiatives taken by the ferretti group during the course of the 2009 2010 nautical year which resulted in a cost reduction of around 50 million euro . as of august 31st 2010 the group s net financial debt improved compared with the previous year and was reduced to around 590 million euro basically in line with the plan . ownership edit in 1995 after the sudden death of alessandro ferretti 70 % of the group was acquired by permira . 2 in 2000 it was temporarily listed in the italian stock exchange but decided to be taken private citing concerns for negative financial climate by the september 11 2001 attacks . 3 permira had a 54 times return of its original investment from the listing . 4 in october 2006 the owners reconsidered flotation and filed an application to list its shares on the milan stock exchange . due to a high level of interest from private equity buyers the ipo was postponed . candover bought 60 % of the company in an auction outbidding the french pai partners and leaving the rest 30 % to the founder and 10 % to permira . based on financial data the group was valued at 1.7 billion euros . in may 2008 when the full extend of the crisis had not yet hit rumours circulated indicating candover was eyeing a second ipo 5 for the business which was seeing profits of eur 158m on a eur 933m turnover 2007 . in september the consob granted the authorization 6 for the ipo on both the london and milan bourses . however in january 2009 the company appointed rothschild to advice on talks with its banking syndicate led by royal bank of scotland rbs and mediobanca to restructure a eur 1.1 bn debt . initially candover was expected to participate in a eur 100m capital injection but by february it had walked away from the table writing off its investment ; 7 permira had already done so . since then the company has succeeded in renegotiating its debt reducing its to eur 550m against a conversion of credits into exit participation rights a eur 85m capital injection underwritten by the founder and ceo norberto ferretti and some of the management team eur 70m and mediobanca eur 15m . rbs has also agreed to grantmedium terms facilities to fund working capital requirements eur 65m and three major financial institutions already partnering with ferretti have extended the short term facilities eur 24m to medium term ones . the group s equity is now held by norberto ferretti and the group s management 38.2 % mediobanca 8.8 % and senior and mezzanine lenders for a total of 53 % in exit participation rights . in particular as a result of the agreement norberto ferretti the group s management and mediobanca hold 100 % of the group s voting rights . 8 racing edit motivated by the needs for high tech synergy and greater international recognition the company entered in 1989 into offshore racing . norberto ferretti won the class 1 offshore world championship title in 1994 . 9 the ferretti team won the european offshore championship in 1995 . in 1997 it won both european and world champion titles . the company attributes these winnings to a hi tech hull designed with a carbon fiber autoclave . 9 technology edit together with mitsubishi the ferretti group has developed a system called arg anti rolling gyro which reduces the effects of the waves on their boats using a counterweight and a gyroscope . 10 notable customers edit notable ferretti customers have included richard burton brigitte bardot 2 and sophia loren . references edit winning in races propelled bertram to win in production too . retrieved 2014 09 28 . a b judge elizabeth october 28 2006 . times on line . candover boards ferretti in deal worth 1.7 billion . london . retrieved november 15 2006 . msnbc . bidding war set off for ferretti yachts . retrieved november 9 2006 . dead link business week . ferretti that s italian for yacht . retrieved november 15 2006 . hardach sophie may 30 2008 . italy s ferretti prepares to re list watches market . reuters . http www.ilsole24ore.com art newsletter2007 news24 articoli 2008 2008 09 12 42 a.shtml uuid b07408fc 80b2 11dd 854f cc6a0cde198f & docrulesview libero & fromsearch http uk.biz.yahoo.com 26032009 323 rlpc ferretti close agreeing mbo debt equity swap.html http www.thailandmarineguide.com intermar news.php id 1909 & date 2442009 a b class 1 uim world powerboat championship . data archive . retrieved november 9 2006 . ferretti