Sanlorenzo acquires 100 percent of Nautor Swan

It had been in the air for some time, we had anticipated it to you in May, and now comes the officiality. Sanlorenzo has acquired the Swan brand 100% from Sawa S.r.l., a subsidiary of Leonardo Ferragamo and determined on the basis of an Enterprise Value of 90 million euros.

Sanlorenzo, among the world’s largest groups in the production of yachts and superyachts, also officially enters the world of high-end sailing, as had happened with Ferretti Group after the acquisition of Wally.
Nautor Swan, in fact, which has its main construction headquarters in Pietarsaari, Finland, is one of the best known brands in luxury sailing yacht construction with the various Swan, Maxi Swan and ClubSwan.
In recent years it has begun its own journey into motoring with the Shadow and Arrow models.

The terms of the agreement:

The agreement between Sanlorenzo and Sawa was thus formalized.

• Sanlorenzo agrees to purchase from Sawa, which agrees to sell, 100% of the shares in Nautor Swan Group, in two tranches: 60% of the shares at the First Closing, expected in the short term, in the amount of €48.5 million, equivalent to the pro rata share of an agreed Equity Value of €80.9 million (“Equity Value First Closing”), determined on the basis of an Enterprise Value (“EV”) of €90.0 million and an Adjusted NFP as of December 31, 2023 of €9.1 million.
• 40% of the units at the Second Closing, by April 30, 2028 (based on FY2027 financials), valued at the higher of the First Closing Equity Value and the Equity valuation resulting from the application of the 9x EV/EBITDA multiple.

Upon completion of the acquisition, the Nautor Swan Group will be led by Massimo Perotti, as CEO, and Giovanni Pomati, as co-CEO.
Leonardo Ferragamo will retain the position of chairman of Nautor Swan.