Private equity fund Permira Europe II has made a public offer through a holding company, Impelux in Luxembourg, for the purchase of 100 per cent of Italy's biggest series motorcruiser and motorboat builder Ferretti Group.

Private equity fund Permira Europe II has made a public offer through a holding company, Impelux in Luxembourg, for the purchase of 100 per cent of Italy’s biggest series motorcruiser and motorboat builder Ferretti Group.

The offer of Euro 674 million from the fund worth Euro 3.5 billion, has been accepted by Ferretti Group’s founder, chairman and major shareholder Norberto Ferretti. The offer stands at Euro 4.35 per share.

Norberto Ferretti, and two other shareholders in the Ferretti company, are to co-invest with the fund and will remain in their relevant posts.

Chairman of Permira Associati SPA, Paolo Colonna, told IBI: “The fund will enable major development and further acquisitions to strengthen the Group. It is a long term project that will, in the short term have a negative effect on the company with higher costs and debts. However we expect to see a turnaround in seven-eight years.”