Click for Cross Click for Nordhavn Click for Comfort Click for Delta Click for Glendinning

Bertram Yachts Has Been Sold

Discussion in 'Bertram Yacht' started by Liam, Feb 5, 2015.

You need to be registered and signed in to view this content.
  1. Liam

    Liam Senior Member

    Joined:
    Jan 13, 2010
    Messages:
    634
    Location:
    Malta
    Ok I said it first, Ferretti Group have sold Bertram. All the best to Gavio Group.

    Here is the PR:

    Argo Finanziaria, holding of the Gavio Group, announces it has undersigned a Letter of Intent with Ferretti SpA regarding the takeover of Bertram, one of the leading yachting brands in the United States and all over the world.

    The acquisition is expected to be finalised by 31 March 2015, following appropriate due diligence of Betram’s assets, the definition of the conditions, guarantees, and commitments required for this type of transactions, and after obtaining all the necessary authorisations pursuant to the applicable laws and regulations.

    Established by Richard Bertram in 1960, Bertram is a true icon of US yachting. It is the legendary brand of the famous Moppies, thousands of which were built between the 1960s and the 1990s. Bertram yachts have always been a synonym of performance, outstanding seaworthiness, reliability, excellence, and style.

    The acquisition of the Bertram brand follows the takeover by the Gavio Group of two other important yachting brands – Cantieri Cerri, in September 2011, and Baglietto, in February 2012. The latter is the symbol of international yachting and is currently the oldest Italian shipyard still in business.

    By including Bertram into its yachting brand portfolio, the Group will further extend the range of boats it produces. It will also create a prestigious ‘hub’ in the luxury yachts segment, capable of creating strong synergies by sharing resources, optimizing costs, integrating sales networks, and further promoting its chances to successfully operate on the fast-growing US market.

    “I am very pleased with this acquisition - declared Mr Beniamino Gavio, President of Argofin and Baglietto - Bertram is for sure the brand most similar to Baglietto as they share many common features: a family history characterised by legendary yachts; records broken and competitions won; a logo that, for both brands, is a symbol of freedom and strength (the eagle and the seagull); and a very strong national identity that goes hand in hand with far-reaching international fame”.
  2. olderboater

    olderboater Senior Member

    Joined:
    Sep 2, 2013
    Messages:
    7,132
    Location:
    Fort Lauderdale
    Gavio's core business is motorway concessions. They also manage some port facilities and transport and into engineering. A bit of a surprising turn, at least to me, as I anticipated if there was any possibility of a buyer it would be in the US. Perhaps the Bertram name does carry more value today in Europe. Will be interesting to see what shape the Italian Bertram takes, both company wise and boat wise.
  3. YachtForums

    YachtForums Administrator

    Joined:
    Dec 22, 2002
    Messages:
    20,353
    Location:
    South Florida
    Thank you for bringing this news to YF Liam. This the first I've heard about it, although I'm likely to get an earful next week when I have a meeting with Ferretti's attorney to discuss a YF project.

    This thread is being moved into the General Discussion Forum.
  4. Capt J

    Capt J Senior Member

    Joined:
    Jul 11, 2005
    Messages:
    14,432
    Location:
    Fort Lauderdale
    Very interesting news and turn for Bertram. I wonder if the Bertram name and brand is even salvagable and can be one of the big 3 again. I remember the Bertram Hatteras shootouts that went on for many years.
  5. Capt Ralph

    Capt Ralph Senior Member

    Joined:
    Sep 8, 2004
    Messages:
    12,647
    Location:
    Satsuma, FL
    I welcome this with great positive vibes. I look forward to hearing more about it.

    ,Ole Bert Dawg
  6. Pascal

    Pascal Senior Member

    Joined:
    Feb 29, 2008
    Messages:
    8,118
    Location:
    Miami, FL
    When is the last time Bertram built a boat?
  7. Capt Ralph

    Capt Ralph Senior Member

    Joined:
    Sep 8, 2004
    Messages:
    12,647
    Location:
    Satsuma, FL
    Bertram or Ferretti?
  8. Capt Ralph

    Capt Ralph Senior Member

    Joined:
    Sep 8, 2004
    Messages:
    12,647
    Location:
    Satsuma, FL
    I say that with a sour grin. The last hull was built in Italy, imported to the states for assembly.
  9. Capt J

    Capt J Senior Member

    Joined:
    Jul 11, 2005
    Messages:
    14,432
    Location:
    Fort Lauderdale
    That was the 80' that they laid up everything in Italy and shipped the finished layups in the molds to here on Sevenstars ship, but no, they did build a 54' here, possibly their last boat. A friend of mine was involved with ironing out a lot of bugs with it. It might have been their last boat built, I think it got launched around March of last year and from the Merritt Island facility I think. I could call him and find out.
  10. T.K.

    T.K. Senior Member

    Joined:
    Jan 31, 2007
    Messages:
    1,013
    Location:
    Cairo - Egypt
    I am pleased that Bertram has found a new home. The name and history deserve it.
  11. NEO56

    NEO56 Member

    Joined:
    May 2, 2014
    Messages:
    656
    Location:
    Miami
    Wow! The Gavio Group must be in need of a huge write off. Well, they certainly picked the cream of the crop.
  12. Kafue

    Kafue Senior Member

    Joined:
    Nov 29, 2006
    Messages:
    1,164
    Location:
    Gold Coast Australia
    A positive move. Lets all hope the account department take second place.
    As if...but you never know.
    Why else would anyone PURCHASE a headache, except to return it to respectability, because truly, what else, other than real estate, has the Bertram Brand have except for a sentimental and highly recognised HISTORY?
    Olderboater, chime in Mate?
    We live in hope.
  13. Capt J

    Capt J Senior Member

    Joined:
    Jul 11, 2005
    Messages:
    14,432
    Location:
    Fort Lauderdale
    With Baglieto I don't think they need any write-offs......LOLOLOL
  14. NEO56

    NEO56 Member

    Joined:
    May 2, 2014
    Messages:
    656
    Location:
    Miami
    I wasn't gonna go there J...but yeah...them too! :D
  15. olderboater

    olderboater Senior Member

    Joined:
    Sep 2, 2013
    Messages:
    7,132
    Location:
    Fort Lauderdale
    I figure the name Bertram has some value in Europe, perhaps not tarnished as it is in the US. SF is definitely a segment that has been rising with many of the boats sold in the US being shipped to Europe. I don't figure they paid all that much, probably no more than the value of just the designs and molds they picked up. Ferretti wasn't exactly selling from a point of strength. They also very likely have spare production capability they're looking to fill.

    There is a long distance to travel between the desire to return it to respectability and actually doing it.

    To me, there is one sign I'll be looking for. If they intend to wait for orders before building any boats, I see a lot of brand saving done that way that never works. Post, anyone? However, if they build some speculative boats to get things started then that will be a sign of commitment and might actually work. But at this point, no one knows what the new Bertram will be like and until the first one or two are built, it's living on a dream made of paper mache. Build a couple, publicize them, get them reviewed, and there's hope.
  16. ArcanisX

    ArcanisX Senior Member

    Joined:
    Jul 22, 2009
    Messages:
    313
    Location:
    Tel Aviv.
    Hang on just for a bit, people.

    It's not been sold. It has been arranged for due diligence and negotiations, and afterwards, if parties agree on price and conditions, and if they don't get abruptly slashed by some applicable regulator, then it will be.

    It is usually hard to close a deal in 2 months, too. (But then again, might be easy in Bertram's case as it's in... how to put it... rather simple business state presently.)
  17. olderboater

    olderboater Senior Member

    Joined:
    Sep 2, 2013
    Messages:
    7,132
    Location:
    Fort Lauderdale
    Very good point. There are a lot more letters of intent than sales. However, generally companies don't make public announcements unless they feel there's a strong probability the sale will go through. Still no guarantees though. Sort of like a boat being sold subject to survey.

    Should be rather straight forward if price has been agreed upon. Business isn't operating and only assets are the name and the designs and molds. No arguing over profitability or sales, etc.
  18. ArcanisX

    ArcanisX Senior Member

    Joined:
    Jul 22, 2009
    Messages:
    313
    Location:
    Tel Aviv.
    I would argue that at times sale of a halted business gets more conflicted then of any running one, because the buyer might be going for one very specific thing (the brand. Or some particular property, like real estate or patent portfolio. You get the idea.) when the seller naturally wants to charge something for everything down to unused materials stock leftovers. The buyer would go like "leave all that for yourself and just get me the brand/REstate/patents/whatnot for the fair price" and seller would be like "nah, it's a bundle deal only".
    And that quickly gets funnier then any profitability counting ;)))
    But then again, there's just not much point in us arguing since we're saying the same things absolute most of the time.
  19. olderboater

    olderboater Senior Member

    Joined:
    Sep 2, 2013
    Messages:
    7,132
    Location:
    Fort Lauderdale
    I cannot imagine there is that much money involved but then I'm not an Italian boat builder. Maybe Versa will call them up and ask if they'd like Cabo too.
  20. Capt J

    Capt J Senior Member

    Joined:
    Jul 11, 2005
    Messages:
    14,432
    Location:
    Fort Lauderdale
    The difference is Cabo has a stellar reputation, built boats that didn't have issues, rode good, and a strong worldwide dealer network.