Sale of Cantiere Navale Vittoria near to closing

Adria, Italy-based Cantiere Navale Vittoria shipyard is in the final stages of being sold to the Cavazzana Group for €8.2m.

The completion will follow the ratification of all the creditors and the granting of approval for a PRO (approved restructuring plan). This will take place in November.

Led by Roberto Cavazzana, the Cavazzana Group was the successful bidder for Vittoria’s assets at an auction in September. The group manages the Het Network, which is a consortium of companies that specialise in areas such as engineering, architecture, and environmental and territorial management.

Cantiere Navale Vittoria is a long-standing commercial shipyard that decided to enter the superyacht market a few years ago by establishing Vittoria Yachts. IBI understands that Vittoria Yachts has two projects in build – a 54.2m (178ft) explorer called Project BowSpirit and a 32.5m (107ft) Veloce 32 RPH (raised pilot house) superyacht.

The company’s troubles started earlier this year, leading to an initial purchase offer being made in July. This was twice changed and was then set as the base level for auction bids. The bids were opened on September 16 in Rovigo by accountant Maria Clotilde Castellani, a judicial commissioner appointed by Judge Benedetta Barbera of the Rovigo Court.

Confirmation of the ratification for the PRO has been given by Regional Councillor for Labour Valeria Mantovan. She was reported by local media as saying: “Cantiere Navale Vittoria is a company that I consider strategic for the local, regional and national territory. [The] successor intends to restart the activities as soon as possible and re-establish a strong and synergistic relationship with the industrial fabric of local suppliers.”

The PRO is anticipated to include a new agreement with the union for Vittoria’s 48 workers whose future remains uncertain. However, the new owner is expected to engage the workers as part of taking Cantiere Navale Vittoria forward.