on 17 Jan 2019
Chairman and CEO Massimo Perotti repurchases 23 percent of shares from Sundiro Holding company in China
Sanlorenzo, leading world producer of yachts and superyachts, returns to being entirely Italian-owned. Massimo Perotti, Chairman and CEO, repurchased 23% of the shares from the Chinese Sundiro Holding Company.
The Perotti family (which also includes the two children Cecilia and Cesare Perotti) are now owners of 96% of the Sanlorenzo SpA shares through the Happy Life Holding company, after the other repurchase a few months ago of 16% of the shares that had been sold to Fondo Italiano di Investimento in 2010. Management holds the remaining 4%.
To deal with the crisis that the boatbuilding industry was experiencing, Perotti had decided to include in the stock ownership in 2013 an agreement to support its partner in building boats (not under the Sanlorenzo brand) under 20 metres long in China.
The negotiation was assisted by Studio Musumeci, Altara, Desana and Associates for the legal aspects and by RSM Studio Palea Lauri Gerla.
These operations demonstrate Sanlorenzo’s positive growth results over the past few years. “The numbers reported demonstrate it fully: revenue has grown from 300 million in 2017 to 380 in 2018, and for 2019 we are forecasting additional growth of 20%. Furthermore, we have an order backlog of 500 million for 2019 and 2020. However, we are not stopping here, and we expect to invest 100 million euros by 2020, of which 52% will be in new facilities to increase our production capacity, 42% in new products expanding our product offering with new models able to satisfy the growing demand of the international market, and 6% in R&D,” says Massimo Perotti.
Along with these significant investments, the company has also recently started a significant initiative focused on youth: the “Sanlorenzo Academy”. An idea of Massimo Perotti’s, the Academy is focused on developing specialised professionals (which are currently lacking and therefore in high demand in the job market) and providing training opportunities to youth with an emphasis on hiring. This initiative will create a cycle that promotes the industry, employment, and job creation.
Sanlorenzo has attained first place in the ranking of world’s leading producers of boats over 30 meters in length with 39 boats delivered in the 2016/2017/2018 triennium. Data from the last three years compared to pre-crisis results shows how Sanlorenzo has tripled its own production, exceeding even the biggest boat-building groups, according to the Dutch SuperYacht Times magazine.
This year Sanlorenzo also climbed onto the annual ranking of the Global Order Book, compiled by Boat Magazine International, being acknowledged once again as one of the world’s main three shipyards in the production of yachts over 24 meters in length.