KKCG's €182M Bid Aims to Steer Luxury Yacht Maker Ferretti

MILAN, Italy – January 19, 2026 – In a significant strategic maneuver within the luxury maritime sector, European investment group KKCG Maritime has announced its intention to launch a voluntary partial tender offer for shares of the iconic Italian yacht builder, Ferretti S.p.A. The offer, valued at a maximum of €182.47 million, aims to more than double KKCG's stake from 14.5% to 29.9%, positioning the group to exert significant influence over the yacht maker's future without launching a full takeover.

KKCG is offering existing shareholders €3.50 per share in cash, a move designed to provide a liquidity event for investors in a stock characterized by relatively low trading volumes. This carefully calibrated bid underscores a growing trend of active investors seeking substantial minority stakes to guide corporate strategy from within the boardroom.

A Calculated Play for Influence

The most telling detail of the offer is its ceiling: 29.9%. This figure is strategically chosen to remain just shy of the 30% threshold that, under both Italian and Hong Kong regulations, would trigger a mandatory takeover bid. By staying below this line, KKCG avoids the complexities and higher costs of a full acquisition while still securing a powerful position to shape Ferretti's direction.

KKCG Maritime, a wholly-owned subsidiary of the broader KKCG group founded by Czech entrepreneur Karel Komárek, has been a shareholder in Ferretti since its 2023 listing on the Euronext Milan. The group has made its intentions clear: upon completion of the offer, it plans to use its increased voting power to elect its own nominees to Ferretti's Board of Directors at the next Annual General Meeting.

This approach is consistent with KKCG's history as an active, long-term investor. With over €10 billion in assets, the group has a track record of taking substantial stakes in companies like the multi-national lottery operator Allwyn and actively steering them toward greater growth and market leadership. This is not the move of a passive financial investor but of a strategic partner aiming for hands-on involvement.

Karel Komárek, KKCG's Founder and Board Chair, framed the move in terms of partnership and growth. "This offer reflects our intention to build on our long-term investment in Ferretti and contribute to its future growth and development," he stated in the announcement. "Our track record of value creation is rooted in an active investment approach, centred on engaged governance, experienced management teams and long-term strategic commitment."

The move will significantly alter the power dynamics within Ferretti's shareholder structure. While China's Shandong SASAC will remain the largest shareholder with a stake of approximately 38%, KKCG's 29.9% holding would make it a formidable second voice, capable of building coalitions and driving its agenda on governance and strategy.

A Premium for an Illiquid Stock

For Ferretti's current shareholders, the offer presents a compelling financial proposition. The €3.50 per share price represents a 21.3% premium over the stock's closing price on Euronext Milan on December 11, 2025, the last trading day before Ferretti's largest shareholder began a recent series of acquisitions. It also reflects a 21.9% premium over the Hong Kong closing price on the same date.

Crucially, the offer addresses a key challenge for Ferretti investors: low stock liquidity. Despite a market capitalization that has grown to €1.20 billion, daily trading volumes have been modest. In late December 2025, average daily volume hovered around 445,000 shares on the Borsa Italiana, where 98% of the company's stock is traded. For a company with over 338 million shares outstanding, this low turnover can make it difficult for large investors to sell their positions without negatively impacting the share price. KKCG's offer provides a guaranteed exit for a portion of their holdings at an attractive price, a welcome opportunity for those seeking to monetize their investment.

Should the offer be oversubscribed, KKCG will purchase shares on a pro-rata basis, ensuring all participating shareholders can sell the same proportion of the shares they tender. This structure provides an equitable chance for all investors to benefit from the premium offer.

Reshaping the Future of a Yachting Icon

KKCG is not investing in a company in distress. Ferretti Group, which owns a portfolio of legendary brands including Riva, Wally, Pershing, and Custom Line, is a leader in its field with a global market share of 16.5%. The company has demonstrated robust financial health, reporting a 2.5% increase in revenue to €887 million for the first nine months of 2025 and reaffirming a strong full-year outlook.

Growth has been particularly strong in its high-margin "Made-to-measure" segment, which surged 32% and now accounts for over half of its order intake. This indicates that KKCG is buying into strength, aiming to accelerate growth rather than engineer a turnaround. Komárek's statement alluded to leveraging KKCG's expertise to support Ferretti's "organic and inorganic growth opportunities amid the current global sector dynamics."

This could signal several strategic shifts. Organic growth may involve an even greater focus on the profitable custom and semi-custom yacht segments or a more aggressive expansion into markets like Asia, which the company has identified as underdeveloped. Inorganic growth could point to future acquisitions, where KKCG's capital and M&A experience could help Ferretti consolidate its position in a competitive market against rivals like Azimut Benetti and Sanlorenzo.

Furthermore, KKCG's diverse portfolio, with holdings in technology and energy, could provide Ferretti with valuable insights and capabilities, particularly as the maritime industry grapples with demands for greater sustainability and advanced onboard technology.

The final step for the tender offer involves navigating regulatory approvals from Italy's CONSOB and Hong Kong's Securities and Futures Commission (SFC). The offer document will be filed for review in both jurisdictions. For now, shareholders, competitors, and the broader luxury market will be watching closely to see how this bold play for influence reshapes the course of one of yachting's most storied names.