Italian yacht brand acquisition

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Palumbo Superyachts, yachting division of Italy’s Palumbo Group, has acquired Mondomarine of Savona, Italy. Terms were not disclosed.

Mondomarine went into bankruptcy last year.

"We’ve been working on this for almost a year,” said Giuseppe Palumbo, Palumbo CEO said in the statement. “We strongly believe in the potential of the renowned brand of Mondomarine and the geographic location of the shipyard. This acquisition will further strengthen our position to provide unparalleled service on new builds, refit and maintenance from our network of shipyards.”

A company statement said that the acquisition has extended the size of Palumbo Superyachts and the Palumbo Group. The group is the largest refit/repair network in the Mediterranean and East Atlantic. It has eight other shipyards in Ancona, Naples, and Messina, Italy; Malta (2); Marseille, France; Tenerife, Spain and Rijeka, Croatia.

International designers have been hired by Palumbo Superyachts to design the new Mondomarine yacht projects.