Riding on strong sales, Ferretti plans IPO

Publish date:
The Pershing 8X is a new model Ferretti Group is launching at Cannes

The Pershing 8X is a new model Ferretti Group is launching at Cannes

The Ferretti Group said at a press conference at the Cannes Yachting Festival that it plans to hold an initial public offering this fall. "We don't have to make an IPO for financial reasons. We would like to do it for strategic reasons,” Ferretti CEO Alberto Galassi told a group of media on Tuesday.

Galassi was tight-lipped regarding the actual dates and other details about the IPO, but he released the Group’s annual sales figures. Galassi said that fiscal 2019 promises to be a record year for the parent of CRN, Ferretti Yachts, Riva, Pershing, Custom Line, Mochi Craft and Itama. Earlier this year, Ferretti acquired Wally Yachts in Monaco.

The company had a “value of production” of $739 million (669 million euros) in 2018 and expects that to increase by 6.5 percent this year. Its 2018 EBITDA was $59 million (53.4 million euros), which it expects to increase by 10 percent this year. The after-tax profit for 2018 was $34 million (30.7 million euros).

Alberto Galassi, CEO, The Ferretti Group.

Alberto Galassi, CEO, The Ferretti Group.

The Group expects to see a 10 percent increase in its equity value for 2019 to $276 million (250 million euros). "This means that Ferretti no longer has any debt at the end of this year and we are very proud of that," adds Alberto Galassi, the CEO of the group.

Galassi said that the company continues to modernize its six facilities in Italy, which represent a total of 2.6 million square feet. It employs about 1,500. The company had an ambitious schedule for launching new models, with 34 new models introduced between 2015 and 2019, representing 80 percent of its range. About a third of those are less than four years old.

At Cannes, it introduced the 48 Wallytender and the Pershing 8X. It also announced plans for a new 110-ft. Wally sailing yacht.

The group's sales remain very focused on the EMEA region, which accounts for 45 percent of total sales, while North and South America accounts for 22 percent of the market. The Asia-Pacific region accounts for 15 percent. The remaining 18 percent is spread over emerging countries. Ferretti distributes boats in 74 countries and has eight official offices around the world.

Galassi said its Riva Lounges are another area of development for the company. They are a network of lounges in elect locations. They are designed to convey the Riva brand's top-of-the-range image. The latest lounge opens in Paris tomorrow.


A Record Q2 for Brunswick

With strong global demand in all its business segments, Brunswick Corp. reported another stellar quarter, posting a 57 percent jump in net sales.

OneWater Adds PartsVu

The online marketplace for marine parts, accessories and electronics posted $25 million in sales over the last year.

Groupe Beneteau Updates Revenue Forecasts, More

The builder saw gains in its boat and luxury-home sectors and made several acquisitions, including a majority stake in Dream Yacht Group.

Golden Manufacturing Expands

The fabricator of aluminum boat lifts and aluminum and concrete floating docks adds 18,000 square feet to its Fort Myers, Fla., headquarters.

GetMyBoat Takes You to the Movies

The boat rental marketplace site teams with Disney’s Jungle Cruise for a contest to win a boat trip or movie tickets.

ConMar Adds to Sales Team

The manufacturers’ representatives add industry vet Brain Steele.

Will Canada Reopen to Boaters?

Set to open its borders to fully vaccinated U.S. residents next month, our neighbor to the north could be facing a strike by Canadian border guards and customs officials. Plus, the Great Lakes welcomes a newly designated marine sanctuary.

Southern Marinas Acquires Sequoyah Marina

Southern Marinas continues to expand its marina portfolio, adding the popular east Tennessee boating destination.