The Ferretti Group plans to acquire Wally, a custom yacht builder based in Monaco. The Italian conglomerate said it plans to announce the acquisition during its press conference at Boot in Düsseldorf.
Financial terms of the deal were not disclosed, but Ferretti said in a statement that it has reached an exclusive license agreement for the Wally brand that “represents a fundamental step in the brand acquisition process.”
The agreement will also allow Ferretti to “work immediately” on developing the brand. Ferretti said it would invest $95.8 million in Wally over the next four years, with $79.8 million during the first two years in new product development.
The new Wally models will be built at the Ferretti Group shipyards. Its Ancona superyacht yard will build Wally’s largest yachts.
The statement noted that during its Düsseldorf press conference, Ferretti will present the first project under the new agreement, the 48 Wallytender. It will be launched at the Cannes Yachting Festival 2019.
"There has long been a mutual fascination between us and Wally and from today we will continue to develop this extraordinary brand with method, vision and investments,” said Alberto Galassi, CEO of the Ferretti Group, in the statement. “As a yachting enthusiast, I’m looking forward to discovering the boats that will come from the exclusive collaboration with Luca Bassani. It is easy to foresee that they will push the frontiers of innovation and aesthetic avant-garde to new echelon.”
Luca Bassani, founder of Wally, said leading yacht brands now require substantial investments to move forward. “The Ferretti Group has great industrial, organizational and commercial capabilities and will be able to boost Wally,” he said in the statement. “I will continue my design and development activity on an exclusive basis, ensuring the continuity of Wally's DNA. All the years and the effort to build the brand will have a continuation. I could not wish anything better for Wally's life.”
Wally will exhibit at Boot Düsseldorf. It has not exhibited there since 2004.