ITALY – Candover-backed Ferretti to restructure debt

Ferretti, which specialises in luxury yachts costing on average €1.5m, has suffered sinking sales and an increase in cancellations. The move comes only a few months after Candover ditched a planned flotation of Ferretti, owner of the Pershing, Riva and CRN brands, on the Milan stock exchange.

Candover acquired Ferretti for about €1.7bn in October 2006 from Permira, which took the company private in 1998, floated it in 2000 and then took it private again in 2002. Permira still owns a 10% stake in the company.

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• Topics
• Restructuring
• Southern Europe