From Iran to Wall Street: who is Sardar Biglari and how Ferretti’s shareholding is evolving
The share capital of Ferretti Group continues to evolve as the Italian yacht builder approaches what could prove to be a decisive phase for its future corporate balance. The latest development is the entry of Biglari Holdings, a U.S. holding company listed on the New York Stock Exchange, which announced that it has acquired, through affiliated entities, a 3.4% stake in the Italian group.
The transaction comes at an already dynamic moment for the company’s ownership structure. On Monday, March 16, the voluntary partial tender offer promoted by KKCG Maritime, the vehicle of the group controlled by Czech entrepreneur Karel Komárek, will begin. KKCG currently holds 14.5% of Ferretti’s share capital and through the offer intends to acquire up to 52,132,861 shares, equal to approximately 15.4% of the capital, at €3.50 per share, in order to reach an overall stake of 29.9%. The operation is not aimed at delisting the company.
Behind the investment is Sardar Biglari, a U.S. entrepreneur and investor born in Tehran in 1977, who moved to the United States with his family at a young age and later settled in Texas.
Biglari is the founder and chief executive officer of Biglari Holdings, a diversified holding company whose investment strategy focuses on building long-term stakes in businesses considered strong industrial platforms. In the statement released following the purchase of the stake in Ferretti, the company emphasized that the Italian group represents a unique platform in the luxury yachting sector, thanks to a portfolio of historic brands including Riva, Pershing, Ferretti Yachts, Itama, CRN, Custom Line and Wally.
Biglari’s arrival fits into a shareholding structure that in recent months has attracted increasing interest from international investors.
The reference shareholder remains the Chinese group Weichai, which controls Ferretti through Ferretti International Holding with a 39.25% stake. Alongside the controlling shareholder, a group of industrial and financial investors holding significant positions has gradually taken shape. These include Danilo Iervolino with about 5.2%, Piero Ferrari with approximately 4.6%, the Bombassei family with around 2%, Kuwaiti businessman Bader Nasser Al-Kharafi with 3%, Biglari Holdings with 3.4%, and KKCG Maritime with 14.5% prior to the launch of the offer.
This mosaic of shareholdings will be one of the central elements in the process opened by the takeover bid announced by KKCG, advised by UniCredit, Somerley and Clifford Chance, through which Komárek aims to strengthen his presence in the company and assume a relevant role in the group’s governance.
Market reaction
The announcement of Biglari Holdings’ entry came on a negative day for financial markets. At that moment Ferretti Group’s share price was down by 1.54%, in a broader context of weakness on the Milan stock exchange, where the main index was down 1.33% at 4:00 p.m., when this article was published.
The evolution of the ownership structure and the outcome of the takeover bid will therefore represent key steps for the future governance and industrial strategy of the group. To understand the direction Ferretti may take in the coming months, it will be particularly important to observe how the various investors will position themselves and whether alliances or convergences between shareholders may emerge. These potential balances will largely determine the future governance structure of the Forlì-based group.
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