ITALY - Permira to float Ferretti for the second time

According to press reports, Paolo Colonna, a Permira partner and Ferretti board member, says about 40% of Ferretti could be sold in a flotation. Permira owns a 70% stake in the company and the rest is being held by the management. In 2000, Permira listed the boat builder for the first time. It then took the company private again in 2002 in a EUR 674m deal, with shares trading well above the floatation price.

Gabriele Del Torchio, CEO of Ferretti, is confident about the success of the upcoming flotation. He argues that its boats are bought by people so wealthy that their acquisition of exclusive status symbols is not constrained by economic cycles or rising interest rates.

The company anticipates to report sales of around EUR 750m for the current financial year, which ends this month. Del Torchio also believes that a listing would allow the group to raise some fresh cash to make "select acquisitions", while giving Permira, the private equity group that controls Ferretti, a way to realise at least some of its investment. The bookrunners for the flotation process are being selected. Lazard is advising on the listing plans and Mediobanca is likely to be the sponsor.

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