Baltic Yachts to buy Cantieri di Pisa?

By David Robinson
Wed Jun 13 2018, 16:07 PM

Finnish yard offers €3m to take over former Mondomarine-owned brand

Finnish sailing yacht builder Baltic Yachts looks set to become the new owner of the Italian Cantieri di Pisa brand.

Last week Baltic offered €3m to buy Cantieri di Pisa and Navicelli di Pisa Srl. The €3m offer was made to the bankruptcy authorities and a public tender will now be issued through the Court of Savona and, assuming there are no other bidders, the shipyard’s assets will be signed over to Baltic Yachts once the €3m has been paid.

Baltic Yachts will be given a five-year sub-licence to operate the yard and after that period it will be assigned a full licence.

Navicelli di Pisa Srl, which is also part of the deal, was formed with public capital to run the Navicelli Canal and manage state-owned areas nearby. The company also manages the Yachting Lab Service Center.

The purchase will see Baltic Yachts enter the motoryacht sector, a move which it apparently has been wanting to do for some time. The Cantieri di Pisa brand, which was established in 1945, moved to its current location on the Navicelli Canal in 1956 with a new facility being built.

The troubles started at Cantieri di Pisa when its then parent, the Baglietto Group, faced a financial crisis in 2010.

Following on from this, the company was acquired in 2015 by Mondomarine. However, with the collapse of Mondomarine last year, the Pisa yard was left waiting for an outcome and in bankruptcy.

Palumbo Group took over the Mondomarine yard in Savona and has been undertaking refit work there.

Giovandomenico Caridi, the sole director of Navicelli, was quoted by Pistatoday saying: “This company had already made numerous inspections and meetings with us and with all the staff, to whom he gave ample guarantees for the job. Baltic Yachts has shown a serious and constructive approach that I hope will put an end to the dispute.”

As part of the takeover, Baltic Yachts will take on 24 workers which have been waiting for a settlement to the shipyard crisis and who have not been paid since January. The Finnish company has also presented a strategic plan that involves investment in the existing facility plus some expansion.

Enrico Rossi, president of the Tuscany region, says: “I have great satisfaction for this offer, which lays the foundations for the solution of the story of Cantieri di Pisa, which the region has followed strongly in recent months, in close collaboration with the Municipality and the Navicelli company and in constant contact with the trade unions. We are now ready to accompany and support the new proponents in the process of relaunching the construction sites and in the coming weeks we will contact them.”

Cantieiri di Pisa has two model ranges – the Akhir and the Classic. The Akhir now has a 42S model and the Classic a Cantieri di Pisa 22 model. Both ranges previously offered a number of different sizes, but will now have a clean slate to start from scratch.