Performance Yacht Painting Acquire Share of Ve.Ga Yachts
Performance Yacht Painting have announced that they have acquired a share of Ve.Ga Yachts, an Italian finishing and fairing company based in Northern Italy. This is a natural step for both companies who have been working together on a number of refit and new-build projects in France and Italy over the past eight years.
Both companies are of similar size and reputation with a combined turnover of approximately EUR 15 million and a staff of 250 painters and fairing specialists in high season.
Ve.Ga Yachts have considerable experience in finishing and fairing on new builds, having worked on over 250 projects since their inception in 1986. The company has worked with world-renowned shipbuilders such as Azimut Benetti, Baglietto, CRN, Italian Sea Group, Mondo Marine, Tankoa and Wally. Specialist in finishing and refinishing, PYP has developed proprietary techniques enabling them to obtain unrivalled quality levels that consistently exceed Icomia recommended GU levels (95+).
“We believe that shipyards in Europe will be interested in working with a new mid-size player who can provide competitive prices while maintaining close customer relations,” comments Gilles Delpy, Managing Director at Performance Yacht Painting. “We have been wanting to increase our presence across the border for several years so this acquisition is an important step in our strategy to grow our business. The fairing and paint industry is largely monopolised by a few very large players and multiple small service companies.”
Gaetano Vella, Founding Director at Ve.Ga Yachts adds, “We have demonstrated over the past 30 years that Italy still very much houses the ‘Italian Masters’. Our activity, which consists in sculpting the shape of a superyacht, is highly complementary to the faultless brushwork to be found at PYP. This is a natural next step in our relationship and we plan on further merging our businesses.”