(Finance) – The Board of Directors of Bellini Nauticaa company listed on Euronext Growth Milan and active in the luxury yachting sector, has approved the signing of the binding investment agreement between the company and the 100% subsidiary Lusso Nautica, on the one hand, and Blue Luxury and the 100% subsidiary Rimini Service Yacht, relating to the capital increase operation of Lusso Nautica, to be released partly from the company and partly by Blue Luxury through the contribution of the entire share capital of Rimini Service Yacht; and subsequent merger by incorporation of Rimini Service Yacht into Lusso Nautica.
Following thecapital increasethe share capital of Nautical Luxury it will be held 60% by Bellini Nautica and 40% by Rimini Service Yacht. The operation was announced last September 4th.
The operation – we read in a note – is consistent with Bellini Nautica’s objective growth strategies aiming at creation of a sector with a dominant position, which will host the new and used sales business units to offer customers a more complete, direct and professional experience; with this operation, in fact, the revenue line relating to the sale of new, used and rental of Bellini Nautica, which at 31 December 2022 represented consolidated revenues of 6.4 million euros of the total 12 million euros, will be channeled entirely to the resulting company from the merger.
The Board of Directors also approved the establishment of a newco called Bellini Yacht, dedicated to production of boats under the “Bellini Yacht” brand, representing a return to the Group’s roots, in a completely renewed context. Bellini Yacht will be established through the payment of Euro 23,750.00 as share capital and will be controlled 95% by Bellini Nautica and 5% by Blue Luxury.
“In a period of transition and growth for Bellini Nautica, we have patiently awaited the conjunction of critical factors – declares Battista Bellini, CEO by Bellini Nautica – We therefore dedicated ourselves to strengthening our key skills and enhancing our brand. However, despite a period of notable growth over the past two years, we are seeing a slowdown in the market. This he represented for us an opportunity to restructure and redirect our strategy. The new context, no longer under stress on the procurement side, gives us the opportunity to focus on the efficiency of our production plant and refine the supplier value chain to better organize this new business line which we are sure will bring us the results we expect let’s aspire.”
The Board of Directors of Bellini Yacht will be composed of Norberto Ferretti, Massimo Scagnelli, Battista, Martina and Romano Bellini.
“My decision to join this team is driven by sharing a common passion for sailing – he comments Norberto Ferretti – I believe that the union between this passion, my experience in the sector and the innovative approach of the Bellini Group will lead us to achieve the set objectives.”