The Ferretti Group sells its entire shareholding in Pinmar SL
Thursday, November 5, 2009
5th November 2009 – The Ferretti Group, one of the world leaders in designing, building and marketing motor yachts encompassing a unique portfolio of some of the most exclusive brands in the nautical world, has signed an agreement to transfer its entire shareholding (corresponding to 60% of share capital) of Pinmar S.L., a Spanish company specialised in the painting of mega yachts.
The agreement involves the transfer of the Ferretti Group’s shareholding to Pinmar’s current CEO, Remy Millott, and to part of the Top Management, with the support of new investor and Chairman, Sean Ewing.
This operation is part of the strategic plan the Ferretti Group has implemented over the past few months, aimed at focussing on its core business and concentrating more intensely on the production and sale of large and medium-sized yachts.
Pinmar S.L. joined the Ferretti Group in 2003, and is based in Palma de Mallorca and Barcelona and has recently opened Pinmar USA in Florida. The company specialises in refinishing the world’s finest superyachts and also fairing and finishing many of the most important new builds, as well as the sale and distribution of paints, varnishes and other maintenance products for yachts.
Pinmar also controls Yacht Covering Systems S.L., a company which specialises in the scaffolding and custom covering used for yacht painting and other maintenance.
“We are very satisfied with these six years of fruitful collaboration,” commentedSalvatore Basile, Ferretti Group CEO. “This operation is part of the strategic plan undertaken over the past few months, in which our Group is concentrating more and more on its core business, and enables Pinmar to return to being run by its management team. Over the years, our Group has achieved significant results with Pinmar, and, thanks to the excellent work carried out, has managed to strengthen its leadership on the international nautical market”.
Remy Millott, Pinmar S.L. CEO, declared: “I would like to thank the Ferretti Group for their help and support over the last six years of active, mutual collaboration, during which time Pinmar has grown substantially within its sector.”