(Alliance News) - Bellini Nautica Spa announced that it has signed a binding investment agreement with subsidiary Lusso Nautica Srl, on the one hand, and Blue Luxury Società Semplice and subsidiary Rimini Service Yacht & Sail Srl, on the other.

The agreement provides for a capital increase of Lusso Nautica to be released in part by Bellini Nautica and in part by Blue Luxury through the contribution of the entire capital of Rimini Service Yacht and a subsequent incorporation of the latter into Lusso Nautica.

The board of directors of Bellini Nautica also resolved to approve the establishment of a newco named Bellini Yacht Srl, 95% owned by the company and 5% by Blue Luxury, in order to start the production of boats under the "Bellini Yacht" brand name.

As of December 31, 2022, Rimini Service Yacht reported revenues of EUR8.4 million, of which about 60 percent related to new boat sales, Ebitda of EUR107,000 total assets of EUR2.7 million and EUR12,000 net cash.

Rimini Service Yacht's total assets as of September 30 this year were EUR1.7 million, of which about EUR869,000 related to boat inventory.

"The transaction is consistent with Bellini Nautica's objective growth strategies by aiming to create a division with a dominant position, which will house the business units of buying and selling a new and used to offer customers a?more complete, direct and professional experience; in fact, with this transaction, the revenue line related to the buying and selling of new, used and chartering of Bellini Nautica, which represented consolidated revenues of EUR6.4 million of the total EUR12 million as of December 31, 2022, will be channeled entirely to the merged company," Bellini Nautica explained.

Bellini Nautica and Rimini Service Yacht have already launched a commercial partnership in recent months, giving birth to "Italian Dealer," a platform that aims to promote and strengthen the commercial thrust of each of the two partner companies by offering a sales-assistance service in the field of luxury yachting and aiming to meet demand throughout the Italian territory, from lake to coastal areas.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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