Azimut-Benetti to acquire Brazil's Intermarine

3:12 AM Fri 13 Feb 2009 GMT

'Brazil’s Intermarine reportedly accounts for 60% of the local market.' .

Azimut-Benetti Group have agreed the acquisition of the Brazilian boat builder Intermarine, with the move projected to considerably boost the presence of the Group in the expanding Brazilian market.

Paolo Vitelli, the founder, majority shareholder and president of the Azimut-Benetti Group, announced that the agreement was reached with the heirs of the late Gilberto Ramalho, the proprietor of Intermarine who recently passed away as the result of an accident, for the purchase of the Brazilian boatyard, together with its company brands, products, technology and all related assets.

Regarding the acquisition, Vitelli said: "When the acquisition has taken place, Intermarine will have even greater access to the expertise of our Group in terms of innovation, technology, design, and international fame, in order to maintain its leadership and the credibility it already enjoys in Brazil. Azimut-Benetti will be aiming to improve its own business turnover even further, introducing the many new product developments planned for the coming years into a market that is relatively closed and thus particularly interesting and rewarding."

Differentiation of product, focusing on emerging markets and aggressive marketing are key, according to Azimut-Benetti CEO Paolo Vitelli. - ..

Intermarine is an important boat yard in Brazil, reportedly accounting for 60% of the market in the country. In the 1990s, Intermarine signed an greement with Azimut Yachts for the production and sale of the Italian company's vessels and as a result of this agreement, Intermarine now manufactures a varied range of yachts, many of which are made to designs by Azimut and sold under the Italian brand name. The company currently has a staff of 900 and a production centre covering 20,000 square metres.

The agreement reached between Intermarine and Azimut-Benetti, which will apparently not involve cash payments but will instead be financed through Intermarine's forecasted profits for the next five years, and will be sealed as soon as the legal permits are granted and the inheritance procedures completed. In the meantime, the existing partnership will continue, as Azimut-Benetti Group are keen to maintain their position in regional market.

More at www.intermarine.com.br

by Jeni Bone

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