(Telestock) – Saint Lawrencea luxury yacht operator listed on Euronext STAR Milan, and Sawa, a company controlled by Leonardo Ferragamo, have signed a Binding Agreement which provides for the sale by Sawa andpurchase by San Lorenzo of 100% Nautor Swan and indirectly of its subsidiaries included in the acquisition perimeter, which includes 13 companies located in 7 countries (Finland, Italy, Spain, Principality of Monaco, United Kingdom, United States and Australia).
The Nautor Swan Group is mainly active in the design, construction, marketing and refit of high luxury sailing boats under the Swan, Maxi Swan and ClubSwan brands, as well as under the Shadow and Arrow brands.
Sanlorenzo is committed to purchasing in two tranches: The 60% of the shares at the First Closing, expected in the short term, equal to the amount of 48.5 million euros, equivalent to the pro rata of an agreed Equity Value of 80.9 million euros, determined on the basis of an Enterprise Value equal to 90 million euros and an Adjusted PFN at 31 December 2023 equal to 9.1 million euros; 40% of the shares at the Second Closing, by 30 April 2028 (based on FY2027 financial data), valued at the higher of the First Closing Equity Value and the equity valuation resulting from the application of the 9x EV/EBITDA multiple.
For each Closing, the parties have agreed on the payment of the price for 2/3 cash and 1/3 in shares through a Capital Increase with the exclusion of the option right reserved for Sawa.
“The signing of this agreement represents the achievement of another fundamental stage in our strategy – commented the CEO Massimo Perotti – In recent months, we have developed a solid industrial plan, in terms of product development and implementation of numerous synergies in the technological, productive, commercial fields, as well as economies of scale, in collaboration with Leonardo Ferragamo and the management of Nautor Swan who have transformed the shipyard and its boats into an iconic brand on a global level. We are talking about an ultra-exclusive niche brand whose philosophy is perfectly consistent with that of Sanlorenzo”.