Italian boatbuilding giant the Ferretti Group has signed an agreement for the transfer of its entire shareholding of Spanish superyacht painting specialist Pinmar SL to the company’s management.

Ferretti’s shareholding in Pinmar corresponds to 60 per cent of the share capital. The shareholding will be transferred to Pinmar’s current CEO, Remy Millott, and to part of the top management, with the support of new investor and chairman Sean Ewing.

The agreement is part of the Ferretti Group’s strategy to focus on its core business and concentrate on the production and sale of large- and medium-sized yachts.

Pinmar joined the Ferretti Group in 2003. The company is based in Palma de Mallorca and Barcelona, and recently opened Pinmar USA in Florida.

Pinmar also controls Yacht Covering Systems SL, specialising in scaffolding and custom covering used for yacht maintenance.

Founded in 1968, the Ferretti Group comprises nine yacht brands