Italian cruise ferry operator Grandi Navi Veloci has been sold by UK-based investor Permira to a group of Italian investors headed by Investitori Associati for euro700M ($900M). Permira bought an 80% stake from founder Aldo Grimaldi for euro170M in October 2004. It is not yet certain whether Grimaldi will retain his stake or merely stay as chairman. Permira placed GNV on the market a year ago, and six other funds showed an interest. GNV posted a turnover of euro251M for 2005, with earnings before interest, taxation, depreciation and amortisation of euro60M. However, its fleet expansion policy has come at a price: it carries a debt burden of euro350M. The company is currently operating seven owned cruise ferries and one more chartered in; there is an order at Italian builder Nuovi Cantieri Apuania for four ro-pax ferries plus an option for four more.
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