Cantieri del Pardo said in a statement that senior managers Fabio Planamente and Luigi Servidati have acquired a majority stake in the shipyard. Servidati is now president of the administration board; Planamente is CEO.
The management buyout involved a capital injection of €5 million ($5.7 million). The agreement was facilitated by Riccardo Acernese, a senior partner in the financial consultant firm LS Roma.
The additional capital will allow the company to develop its Grand Soleil Yachts and Pardo Yachts brands. Servidati and Planamente have been in charge of the Italian yard since 2014, after the Trevisani family became majority shareholder. The company said it has seen sales increase over the last four years to more than €30 million ($34.1 million) this year.
The gains were due to the launch of the Pardo powerboat brand and its new Long Cruise and Custom Line sailboat lines.
Cantieri del Pardo was involved in a lawsuit with Hanse Yachts earlier this year. The German builder said the Cantieri del Pardo 43 was a direct copy of its Fjord 42. The companies announced that they settled the lawsuit in September.