(Finance) – Long experience and great recognition, as it is the leading company in the restoration of vintage Riva boats, and a convinced look to the future, with important investments in marketing and collaborations with eccentric artists such as Mr. Brainwash, thanks to which the iconic boats of the Dolce Vita are contaminated by the strength and colors of street art. These are the strengths of Bellini Nautica, a company ready to land in Piazza Affari with an expected collection of around 8 million euros and the use of the greenshoe. The company, which is listed in early June on Euronext Growth Milan (EGM), closed 2021 with revenues of 10.5 million euros and has a net financial position of 2.2 million euros.
The profile of the company
Founded in 1960, the company is located in Clusane, on the shores of Lake Iseo, and can count on a modern structure and an avant-garde shipyard. “Today we have mainly three divisions: the restoration of vintage Riva, the 360 ° services and the sale of yachts under the Cranchi brand, which we have represented since the late 90s”, he tells Finance theCEO Battista Bellini, who is part of the third generation in the company and proudly speaks of a generational change that, unlike many other cases, “took place correctly both formally and concretely”. The manager leads the company together with his sister Martina, who manages the marketing. The general manager is Andrea Olivari, while the role of president is covered by his father Romano Bellini, who led the company from a young age following the death of Battista and Martina’s grandfather, the founder of the group.
“As for vintage Riva – explains the CEO – we buy, restore and sell, or we restore boats on behalf of third parties. the only shipyard that can offer the full range of Riva vintage boats and as a corollary to this we offer complete port services including transport, should the owners wish to use the boats in other locations such as Portofino or Corsica for a few weeks a year “.
Customers and innovation
The typical customer for this market is between 50 and 60 years old, but in recent years the average age of the company’s customers is getting lower, also thanks to the intense marketing activity. “What we are trying to do is educate new buyers, also speaking their language, using social networks and making them enthusiastic about the project – says Bellini – The majority of customers are Italian, but we also have requests from all over the world and in particular from Saudi Arabia, USA, UK, Switzerland and Europe in general “.
To stimulate lead generation, Bellini Nautica has started to use digital a lot and collaborations with artists able to increase the visibility of the brand. “For the vintage part we have created a new model, thanks to the matching with artists such as Mr. Brainwash: we combine our work of art, the Riva Acquarama, with an artist to give an international breath to this small niche, which must be constantly valued “, explains the manager. The market, while having grown significantly in terms of boat valuations over the past 25 years, remains small in terms of numbers. According to calculations made by the company, among all the Vintage Riva models there could be about 3,000 boats in total (considering only the oldest and most precious wooden ones, while the number rises a lot, even counting those in fiberglass). Riva Acquarama, which is the most iconic boat, would have remained about 600.
The listing and growth plans
In addition to the historic headquarters on Lake Iseo, Bellini Nautica can also count on the outlet to the sea, having acquired a company in Varazze (Savona) at the end of 2021. One of the objectives of the listing is to continue this activity e boost growth through M&A. “A goal is to grow by external lines and we will use most of the proceeds from the IPO for this purpose – says the CEO – We want to be present territorially in several areas, especially looking at the lakes of Northern Italy, to offer better assistance and a widespread service to customers, as well as increase the customer base to make synergies with the current structure ” .
The targets the company looks to are smaller shipyards (Bellini Nautica has just under 20 employees), but which will also be useful in improving customer care. The restoration of vintage Riva is the most iconic activity, but “all of this would fall if we did not also take care of the servicesto give customers the opportunity to use the boat in the best way – explains Bellini – They then become for us recursive revenues and allow us to have certain cash flows in a sector where sales are often spots. “Another part of the resources collected will be used for marketing and communication activities, especially for matching with artists.
