Sanlorenzo has signed an agreement to buy Nautor Swan. This agreement encompasses the sale of 100% of Nautor Swan and, indirectly, its subsidiaries, collectively known as the Nautor Swan Group. 

Renowned performance sailing yacht brand Nautor Swan is being taken over by Sanlorenzo, an Italian manufacturer of composite, steel and aluminium motor yachts.

Terms of the transaction:

Sanlorenzo acquires 100 per cent of the Nautor Swan Group from Sawa, a company owned by Leonardo Ferragamo. The transaction consists of two stages:

• First Closing: Sanlorenzo will purchase 60% of the shares shortly after the signing of the Binding Agreement. This tranche is priced at €48.5 million, reflecting the pro-rata share of an agreed Equity Value of €80.9 million. This valuation is based on an Enterprise Value (EV) of €90.0 million, with an Adjusted Net Financial Position (NFP) as of December 31, 2023, amounting to €9.1 million.
• Second Closing: Scheduled for April 30, 2028, this phase involves acquiring the remaining 40% of shares. The valuation for this tranche will be the higher of the First Closing Equity Value or an equity valuation derived from a 9x EV/EBITDA multiple, based on the financial results for FY2027.
  

Two-thirds of the amount will be paid in cash and one-third in Sanlorenzo shares issued as part of the capital increase. The share price will be determined by the average of the 30 days prior to closing.

The agreement includes pre-conditions that Sawa must fulfil prior to the first closing of the transaction.

Massimo Perotti will remain CEO and Giovanni Pomati will remain co-CEO of Nautor Swan Group following the completion of the transaction. Leonardo Ferragamo will retain his position as chairman of the board of directors of Nautor Swan.



Sanlorenzo CEO Massimo Perotti: «The acquisition of Nautor Swan allows Sanlorenzo to accelerate its progress towards 2030. We are pioneers in sustainable yachting and are at the forefront of research into carbon neutral technologies based on hydrogen and methanol. By teaming up with Swan sailing yachts, which are already environmentally friendly, we will be developing products for a new market segment.»