13/11/2018
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Home > Industry News > Ferretti In Talks To Buy Wally

Ferretti In Talks To Buy Wally

CEO Alberto Galassi confirms plans to acquire the Monegasque brand

According to Italian newspaper Il Corriere della Sera, the Ferretti Group is in negotiations with Wally to acquire the Monegasque brand of sailing yachts and powerboats founded by Luca Bassani in 1994.

“We have been in negotiations for months,” Feretti CEO Alberto Galassi told the paper. “We strongly believe in this acquisition, because the brand is extraordinary and in strong synergy with the other brands of Ferretti Group. But it is a very complicated operation.

“The agreement could be signed by beginning of next year, if all the necessary conditions are reached,” he said.

The investment, which according to Il Corriere della Sera amounts to some €25m-€30m, would signal the Ferretti Group’s debut in the sailing world – a key move for the Italian company, which is majority owned by China’s Weichai Group (Piero Ferrari owns a 13.2% share).

The Ferretti Group has a portfolio of brands encompassing Ferretti, Pershing, Itama, Mochi Craft, Riva, CRN and Custom Line, and a production value of around €623m in 2017.

“Among the complexities of the operation is finding a dedicated production facility,” Galassi told the paper, “because Luca Bassani’s company no longer owns the shipyard. For months Ferretti has been looking for a new production site for maxi yachts.”

The news is expected to be officially announced in September at the Cannes Yachting Festival. “We are strongly aligned with Luca Bassani and if the agreement is reached we want to cooperate with him,” Galassi said.

Since its inception in 1994, Wally has strongly influenced the world of sail and motor yachts in terms of technology and design, thanks to the introduction of carbon fiber.

The Monegasque brand has launched 46 sailing yachts and more than 120 powerboats over the years, and is currently building the new Wally 145 at Persico Marine’s shipyard in Massa Carrara, Italy.