MILAN — Italy’s Sanlorenzo, a worldwide leader in the production of made-to-measure yachts, said Thursday that it has agreed to buy 100 percent of Nautor Swan, the sailing yacht firm Leonardo Ferragamo has owned since 1998. The deal was based on an equity value of 80.9 million euros and an enterprise value of 90 million euros.
In a joint statement, La Spezia, Italy-based Sanlorenzo and Florence-based Sawa, a company controlled by Ferragamo, revealed the signing of a binding agreement in which Sanlorenzo will purchase 100 percent of Nautor Swan. The purchase will include the subsidiaries held under Nautor Swan Group. There are 13 companies located in seven countries under the sailing yacht firm in Finland, Italy, Spain, Principality of Monaco, U.K., U.S. and Australia.
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Nautor Swan was founded in 1966 by Pekka Koskenkyla in Pietarsaari, Finland. Since Ferragamo purchased the firm, he has worked on building its image worldwide.
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Sanlorenzo remains one of Italy’s top shipyards, driving the uptick of the nation’s yachting industry, now a main catalyst of the economy. In recent years it has grown its image as a specialist in floating luxury homes fueled by collaborations with high-profile names like designer Patricia Urquiola. The company saw its sales of new yachts rise to 840.2 million euros in 2023 from 740.7 million euros in sales of new yachts in 2022, benefiting from a surge in demand for luxury vessels.
Ferragamo said that over the past 26 years, Nautor Sawn has become a recognized international brand for its four yacht lines, services and ClubSawn, a yacht club that brings together owners and sailing yachtsmen around the world. Sanlorenzo would allow Swan to reach its full potential, Ferragamo explained.
“Today my goal is to set this brand, beloved and respected worldwide, on the path to perpetuity, entrusting it to a world leading luxury yachting group, led by [Sanlorenzo chief executive officer] Massimo Perotti,” he said, adding that Ferragamo will personally retain a “significant minority share.”
Under the terms of the agreement, Sanlorenzo will initially pay for 60 percent of the shares at 48.5 million euros equivalent to an agreed equity value of 80.9 million euros, determined on the basis of an enterprise value of 90 million euros.
Sanlorenzo is expected to settle the remaining 40 percent of the shares at the time of the second closing by April 30, 2028. The remainder will be determined by the higher of two values: the initial agreed price of the shares or a calculation based on Nautor Swan Group’s full year 2027 earnings. The deal is also pending on Sawa fulfilling certain undisclosed conditions before the time of the first closing.
Under the agreement, two-thirds will be paid in cash and one-third in shares to Leonardo Ferragamo with Sanlorenzo shares through a capital increase.
Post-acquisition, Nautor Swan will be led jointly by its current CEO Giovanni Pomati and Sanlorenzo’s Perotti. Leonardo Ferragamo will retain his role as chairman of Nautor Swan Group, the statement said.
Perotti said that looking ahead, the acquisition of Nautor Swan will propel Sanlorenzo’s already buoyant business and sustainable goals as Nautor Swan is already a sustainable brand. “Over the past few months, we have developed a solid business plan, in terms of product development and synergies implemented in technology, production, and sales, as well as economies of scale, working together with Leonardo Ferragamo and Nautor Swan’s management, who have transformed the shipyard and its yachts into a globally desired iconic brand,” he said.