Biglari Holdings announced on March 12, 2026 that it had purchased a 3.4 % equity stake in Italian yacht manufacturer Ferretti Group, marking the company’s first disclosed investment in the luxury maritime sector and a step in its broader diversification strategy beyond restaurants, insurance, and oil and gas.
The stake was acquired from an existing shareholder shortly before KKCG Maritime’s planned partial tender offer that was set to begin on March 16, 2026. While the exact purchase price was not disclosed, the transaction represents a significant entry into a market where Ferretti Group reported €1.23 billion in revenue and €90 million in net profit for 2025, supported by an order backlog of €1.7157 billion as of December 31, 2025.
Biglari Holdings’ 2025 financial results showed a net loss of $37.5 million, largely driven by investment losses, despite operating earnings of $18.782 million. The new stake provides the holding company with exposure to a high‑growth luxury segment that has historically delivered strong margins and a resilient customer base.
Ferretti Group’s ownership is fragmented, with Weichai Group and KKCG Maritime as major shareholders. The timing of Biglari’s investment coincides with shareholder tensions, including Weichai’s rejection of KKCG’s tender offer and KKCG’s subsequent attempt to increase its stake. The acquisition positions Biglari as a new player in a contested ownership landscape.
By adding a 3.4 % position in Ferretti, Biglari diversifies its portfolio and gains a foothold in a “unique platform” within the luxury yachting sector, potentially benefiting from the group’s robust order pipeline and strong brand portfolio that includes Riva, Pershing, and Wally.
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