China-based Shandong Heavy Industry Group-Weichai Group has paid 374 million euros to acquire a controlling interest in yacht manufacturer Ferretti Group, owner of Miami-based Bertram Yachts.
Like the acquisition of Jaguar? by India's Tata Motors, the latest deal shows how Asian companies have an appetite for venerable luxury consumer brands. Ferretti has eight yacht brands and owns eight shipyards in Italy, that together with Florida operations employ nearly 2,000 people.
Shandong will control 75 percent of the company and invest about 180 million euros in new equity. RBS and funds under the management of Strategic Value Partners will invest alongside SHIG-Weichai Group and both become 12.5 percent shareholders, a South Florida Business Journal report said.
"Developing the yacht business is one of the group's strategic goals for the next five years," said Tan Xuguang, chairman of SHIG-Weichai Group.
Source: http://feedproxy.google.com/~r/vertical_49/~3/xkCayxLDtbc/chinese-group-buys-yacht-builder.html
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