As a first step, Leonardo Ferragamo, who took over Nautor 26 years ago and brought it back to its former glory, is transferring 60 per cent of the shares to the Italian shipyard. This is "a very important and positive step to promote the further growth of the company and strengthen its reputation as one of the most important sailing yacht manufacturers in the world", according to a joint statement.
Two grandees of yacht building, united in one group
The full takeover will only take place after a transition period of almost four years, in April 2028, which will mark the 30th anniversary of Ferragamo's entry. "This will enable a gradual integration of the two brands and ultimately create the largest player in the high-end of the nautical segment," the press release states.
Nautor will retain its independent DNA. Production in Pietarsaari, Finland, which is a major part of the Swan myth, will also remain in place. Leonardo Ferragamo never shook this up, even though he and his top management handled most of the operational management from Florence.
The area in which Nautor and Sanlorenzo hope the merger will have a positive impact is primarily research and development. The Finns, for example, have first-class expertise in carbon fibre composites thanks to their racer/cruisers such as the ClubSwan 50 or 80. They also probably have the best expertise in wood processing in the industry. Sanlorenzo, on the other hand, can contribute valuable knowledge in the field of alternative drive systems. And there is no doubt that both partners will benefit in terms of purchasing and sales.
The problem with letting go at Nautor
So the advantages are obvious. This makes it all the more surprising at first glance how long the parties have taken to negotiate. A decision on Sanlorenzo's entry was originally announced for May.
The reasons for the delay have not yet been explained. Two factors are likely to have played a role. Firstly, Leonardo Ferragamo's close emotional ties to Nautor, which undoubtedly made it difficult to let go. The patron was far more involved in the shipyard's affairs than usual, far more than its financial returns would ever have justified.
Nautor was quite simply Leonardo's passion. Decisions such as those concerning the new development of the Swan 51, the latest model in Nautor's core series, were made by him when in doubt. He pushed through features such as the Swan 58's double-folding bathing platform, which gave the boat a unique position, against all the reservations of his engineers. The expansion of the ClubSwan programme, which soon ranged from 28 to 125 feet, from sports boats to offshore record hunters, also clearly bears his signature.
Ferragamo has also never stopped expanding its operations in Finland and keeping them up to date. Over the past ten years, he has increasingly left his former competitors Baltic Yachts behind. It is clear that a departure from this vocation, even if it was staggered over several years, must have been difficult to negotiate for someone like him, who was also always at the wheel when it came to regatta sailing. It must have been incredibly difficult for him to give up what he had worked on for two and a half decades - even to a shipyard like Sanlorenzo, which has the same penchant for perfection, is itself a technology leader and is also many times larger than Nautor.
The role of the next generation at Sanlorenzo
The other reason for the delayed wedding announcement could be the current uncertain economic situation. It is true that both shipyards, Nautor and Sanlorenzo, have record orders on their books and full employment for years to come. Due to their absolute premium orientation, they are less susceptible to fluctuations in demand because luxury is almost always an option.
However, this market is also facing potential upheavals, the effects of which are difficult to predict: Will there be requirements for CO2 emissions from superyachts in the EU or other markets? Will combustion engines on privately used 100-foot boats still find social acceptance in the medium to long term - or is something about to change?
In such an environment, it seems understandable that Sanlorenzo wants to take its time until Nautor is fully integrated - and, in case of doubt, is keeping an opportunity open for renegotiation if Nautor's undoubtedly great potential is not fully realised.
It is interesting to note in this context that one of the risk factors - growing environmental awareness, particularly among the younger generation - may even have been beneficial in the end.
The daughter of Sanlorenzo boss Massimo Perotti is very committed to a more conscious use of natural resources. She is said to have been a driving force behind the launch and also actively participated in the evaluation. After all, sailing yachts are more sustainable to build and operate than motorboats. Because she no longer flies on principle if it can be avoided in any way, she travelled by train from northern Italy to Finland last winter.
Leonardo Ferragamo could not have found a better successor for his "much-loved and respected brand". There is no doubt that it will continue to exist as part of the Sanlorenzo Group. Massimo Perotti promised to "preserve the heritage and exclusivity of the brand".
He himself will take over the operational management together with the previous CEO, Giovanni Pomati, while Leonardo Ferragamo will remain on board as President. However, he will probably find more time for sailing. In any case, he, without whom Nautor Swan would certainly never have existed in its current form, should be granted a little more leisure time at sea.
