Baglietto to buy Bertram Yacht

Argo Finanziaria, a holding company within the Gavio Group, which owns the Baglietto brand, has announced it has signed a Letter of Intent with Ferretti SpA for the acquisition of Bertram.

The takeover is expected to be confirmed by the end of March, following appropriate due diligence of Bertram’s assets and definition of the conditions. 

Established in 1960 by Richard Bertram, Florida-based Bertram was at the forefront of the US boat building industry with its boats successful on the race circuit. The Ferretti Group then acquired the company in 1998 when production was refocused on its sport fisherman models.

Beniamini Gavio, whose industrial group also owns the Cerri brand commented, “I am very pleased with this acquisition. Bertram is the brand that is most similar to Baglietto as they share many common features: a family history characterised by legendary yachts, records broken and competitions won…” 

The takeover was announced shortly after it was revealed that Baglietto, the Ferretti Group and Azimut-Benetti, which together represent around 60% of the turnover among Italian boat builders, have joined forces to reconsider the objectives and strategies of UCINA, the national association that represents Italy’s yachting industry. 

It also followed news that Massimo Perotti, who heads up Sanlorenzo, stepped down as president of UCINA, of which the timing is no coincidence: Gavio pulled out of the association just before Perotti’s election, and Azimut-Benetti was the only UCINA member to abstain from the vote for his election.

Gavio has declared his willingness to re-join UCINA if negotiations to refocus the association’s strategies are deemed successful. If this does not occur, there is a risk that Baglitetto, Azimut-Benetti and the Ferretti Group may set themselves up as a rival association, which would represent a dramatic separation in the industry, and undermined UCINA’s credibility both in Italy and abroad.

For more information on the takeover, visit Bertram.

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