New financial partner for Sanlorenzo

Sanlorenzo fund a new partner after good financial results in 2010 with a turnover of €196m. Fondo Italiano di Investimento has taken a minority share in Sanlorenzo as part of a €30m capital increase for the Italian superyacht builder.

Italian superyacht builder Sanlorenzo and state-sanctioned investment fund Fondo Italiano di Investimento (FII) have signed a deal for the fund to take a minority share worth €15m in the boatbuilder. The deal was signed last week in Milan. The €15m represents half of a capital boost worth a total of €30m to Sanlorenzo.

The FII says that the deal was struck to support Sanlorenzo with internal and external growth, mentioning the expansion and rationalisation of current production structures and the acquisition of other yards or brands.

The FII was established in 2010 on the initiative of Italy’s Ministry of Economy and Finance, sponsor banks and other interested organisations. The fund comprises eight partners including the ministry, several Italian banks and Confindustria.

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