KKCG MARITIME invests in FERRETTI

KKCG Maritime, the investment vehicle of Czech businessman Karel Komárek, announced a voluntary partial public tender offer for Ferretti, the Italian yacht builder listed in Hong Kong and on Euronext Milan, valuing the company at an enterprise value of . The offer, in cash at 3.50 euros per share, was intended to raise its stake from 14.5% to 29.9% of the capital. At the time, Ferretti generated revenue of and an EBITDA of . Komárek had entered Ferretti's capital in June 2023, when he and Danilo Iervolino acted as anchor investors in the company's dual listing on Euronext Milan, taking a combined 10% of the shares. With the partial offer, KKCG Maritime sought the weight needed to put forward an alternative slate of directors at the May shareholders' meeting, criticising the lack of action by reference shareholder Weichai Holding on acquisitions and share buybacks. Weichai Holding had held its stake since 2012, when the Chinese group entered Ferretti as part of the company's debt restructuring, investing 178 million euros in new equity and converting debt bought from Oaktree, RBS and Strategic Value Partners to reach 75% of the capital. Piero Ferrari had taken 13.6% in 2016, and Ferretti first listed in Hong Kong in 2022 before adding the Milan listing.