Ferretti Group


Ferretti S.p.A. is a multinational shipbuilding company headquartered in Forlì which specialises in the design, construction and sale of luxury motor yachts. Its products are sold under the brands Wally, Ferretti Yachts, Custom Line, Pershing, Itama, Riva, Mochi Craft and CRN.
The company was founded in 1968 by Alessandro and Norberto Ferretti as a manufacturer of small boats and produced its first motor sailer in 1971. The Group expanded through making numerous acquisitions, including of Cantieri Navali dell’Adriatico – CNA S.r.l. in 1998, CRN S.p.A., in 1999, Riva S.p.A. in 2000, Cantiere Navale Mario Morini and in 2002, Itama in 2004 and Allied Marine in 2008. Ferretti Group was acquired by the Chinese multinational heavy machinery and automotive manufacturing company Weichai Group in 2012.
Ferretti Group has manufacturing operations in Italy and the United States. It has subsidiary companies in the United States and representative branches in Hong Kong and Shanghai.

History

1968 to 2000

In 1968, brothers Alessandro and Norberto Ferretti, sons of a fuel trader who also owned a car dealership in Bologna, decided to expand the business to the nautical sector after securing the Italian representation for the US motorboat brand Chris Craft. They subsequently opened a multi-window shop, Ferretti Nautica, in the city centre.
The first self-built boat was launched in 1971 at a shipyard in Cattolica, using the hull of an 11-metre fishing boat. This boat was presented at the Genoa Boat Show as Ferretti Craft, marking the beginning of the company's first orders. Four years later, in 1975, the Ferretti brothers permanently abandoned the motor industry and opened their shipyard in San Giovanni in Marignano.
Since the 1980s, production has focused exclusively on motorboats, incorporating advanced technological solutions, such as the thousand-litre tanks and the so-called "round shower". In 1982, the company introduced its first motor-only boat and began producing sport fisherman open and flybridge type boats. In 1987, when sales were already around a hundred boats a year, the Forlì shipyard was opened, which has since then also become the company's headquarters.
In 1989, the Engineering Direction, a research centre dedicated to the design and development of new production boats and innovative materials, was founded.
The company also entered the world of sport: Norberto Ferretti competed in Class 1, the most prestigious offshore category, with one of the first carbon-fibre boats, and in 1994 he became world champion. In 1997 his team won a second world title. In 1996, Alessandro died at the age of 54 in an accident, while mowing the grass at his villa in the hills of Bologna.
In 1994, Ferretti Group began an international marketing process by establishing a strategic network of dealers outside Europe. During the second half of the 1990s, after institutional investors acquired a stake in the company, an external expansion strategy was initiated through the acquisition of companies producing luxury motoryachts.
In 1996, Ferretti Group began operating in the segment of yachts with fibreglass flybridges, measuring 28 to 40 metres in length, through Custom Line S.p.A.
In 1998, the Group purchased Cantieri Navali dell’Adriatico – CNA S.r.l., which specialized in building open type motor boats with the prestigious Pershing brand.
During the same year, Ferretti Group entered in the sport fisherman craft segment with the acquisition of American company Bertram Yacht, Inc. – the Miami shipyard. Bertram Yacht was sold in 2015.
In 1999, Ferretti Group purchased CRN S.p.A., a shipyard specialising in the production of maxiyachts in fibreglass and megayachts with steel hulls and aluminium superstructures, measuring over 30 metres in length.

2000 to 2010

In the year 2000, Ferretti purchased 100% of the capital of Riva S.p.A., a producer of luxury fibreglass yachts measuring 10 to 35 metres in length, both flybridge and open.
In June 2000, with the aim of further consolidating its growth and development process, Ferretti Group decided to list on the Official Italian Stock Exchange. In 2001, the company was admitted to the STAR segment of the Borsa Italiana.
In May 2001, Ferretti acquired the assets of the Oram shipyard in La Spezia, where the new Riva production area would subsequently be built.
In August 2001, Ferretti finalized an agreement for the acquisition of the Apreamare S.p.A. shipyards in Sorrento, a leader in the production of gozzo sorrentino boats measuring 7 to 16 metres in length.
In November 2001, acquisition of the Mochi Craft S.r.l. shipyard in Pesaro was finalized.
In 2002, the Group took over Diesse Arredamenti, to acquire new skills in the nautical furnishings sector, complementary to its yacht building activity.
During the same year, the Group also finalized acquisition of Cantiere Navale Mario Morini in Ancona, which enabled CRN to extend its production capacity, Pinmar S.L., a company specialized in yacht painting and refitting, and Zago S.p.A., an Italian company operating in high-profile wooden manufactured pieces and furnishings.
Between June 2002 and January 2003, the Ferretti management team and institutional investors present among the shareholders, decided to launch a Voluntary Public Tender Offer to acquire the entire share capital of the Company, with the aim of further expanding the Group through acquisitions and a precise strategic, national and international plan.
In 2004, through Pershing, Ferretti Group acquired the Itama shipyard, which specializes in the construction of open motoryachts, completing the definition of the Group.
In 2008, Ferretti Group acquired the assets, brands and activities of Allied Marine, an American company specialized in After Sales services and marketing of both new yachts and pre-owned motor yachts, as well as brokerage services on the US market.

2009 to 2023

In 2009, to align to the new market scenario, Ferretti Group changed its organisational structure and undertook a series of strategic and operative actions. In December, with the aim of continuing to focus on its core business, the Ferretti Group sold its 60% holding in Pinmar S.L., a Spanish company specializing in painting mega-yachts to Irish entrepreneur Sean Ewing.
In March 2010, Ferretti continued its divestment policy by selling 100% of Apreamare S.p.A., which included the nautical pole of Torre Annunziata, to the Aprea and Pollia families, the founders of the historic Sorrento brand.
In January 2012, Shandong Heavy Industry Group-Weichai Power, a Chinese state-controlled manufacturer of excavators and tractors, acquired 58% of Ferretti Group for EUR 374 million. At the time of the transaction, Ferretti had a debt of EUR 600 million. The management was, in any case, reconfirmed by the new shareholders.
In September 2013, the new Ferretti brand structure was presented, consisting of three product lines: Ferretti Yachts, Ferretti Custom Line and Ferretti Navetta. At this stage, the Group owns the Ferretti Yachts, Riva, Pershing, Itama, Mochi Craft, CRN and Custom Line brands.
In 2016 Piero Ferrari, Enzo Ferrari's son, joined the Ferretti Group by purchasing 13.2% of the capital through the family holding company F Investments, thus becoming the sole shareholder besides the Chinese Weichai Power Group, majority holders with 86.8%. Back in profit after two years, in 2017 the Ferretti Group presented the 74-metre-long mega-yacht "Cloud 9" in Monaco.
Two years later, the company entered the sailing world for the first time by acquiring Wally, a company founded by Luca Bassani.
On 17 October 2019, the Group renounced its listing on the Milan Stock Exchange due to a too low offer price, which fell from the initial range of EUR 2.5–3.7 to EUR 2-2.5.
In September 2022, the company finalised the acquisition of a majority stake in two companies that are part of its supply chain: Massello Srl and Fratelli Canalicchio Spa, the former specialising in wooden furniture for yachts, the latter in the production of static exteriors and automatic kinetic systems.
In March 2023, the Group acquired from Rossetti Marino the San Vitale shipyard, a production site of over 70,000 square metres in the port of Ravenna, allocating it to the construction of Wally sailing yachts and the Ferretti Yachts INFYNITO range.
As of 31 March 2022, the company is listed on the Hong Kong Stock Exchange and as of 27 June 2023 also on the Italian Stock Exchange.

Operations

Brands

Ferretti Group specializes in the design, construction and marketing of luxury yachts and pleasure boats through seven brands:
  • Wally: founded by Luca Bassani Antivari in 1994, the brand joined the Group in 2019 and produces sailing yachts made mainly of carbon fiber and motor yachts of different sizes.
  • Ferretti Yachts: established in 1968, the brand represents the Group's historic production line. The fleet is composed of the "Flybridge" and "INFYNITO" ranges: the former includes customizable yachts ranging from 50 to 100 feet, while the latter, launched in 2022 and inspired by explorer vessels, emphasizes visual continuity between the interior and exterior and incorporates more sustainable materials and navigation technologies.
  • Pershing: created in 1985 and acquired by Ferretti Group in 1998, the brand produces of sport yachts ranging from 16 to 43 meters, with hi-tech navigation systems and engines capable of reaching speeds of up to 50 knots. Production is divided into the "Fleet," "X," and "Superyacht" lines, to which the GTX range was added in 2022 in the "Sport Utility Yacht" category.
  • Itama: founded in Rome in 1969 by Mario Amati and part of the Group since 2004, the brand produces open yachts known for their use of traditional white and blue tones and a deep V-shaped hull, which allows for solidity and handling.
  • Riva: founded in 1842 as a shipyard active in the repair and construction of work and pleasure boats typical of the Lake Iseo area, it became part of the Ferretti Group in 2000. It produces yachts and superyachts ranging from 8 to 90 meters in length, in the open, sportfly, flybridge and superyachts types.
  • CRN: founded in 1963 by Sanzio Nicolini and based in Ancona, Italy, the brand designs and constructs customizable yachts made from aluminum or steel/aluminum, up to 90 meters in length. After joining the Ferretti Group in 1999, it gained recognition for innovative components such as the "round stern" developed in the 1990s, the "open stern," and a functional balcony that can be used while sailing, introduced in the early 2000s.
  • Custom Line: founded in 1996, the brand produces custom composite superyachts starting from 30 meters in length, divided into three distinct lines. The "Planing" range features yachts designed to balance speed, volume, and functionality. The "Navetta" line offers models customizable for long-distance travel. The "Aluminum" project includes a 50-meter superyacht made from aluminum, which enhances volume and reduces emissions.