The parent company of the Baglietto shipyard said it signed a letter of intent to buy Bertram Yachts from the Ferretti Group.

Several Italian publications are reporting that the Gavio Group, which took over Baglietto in 2012, expects the transaction to close by March 31 and that it is conditioned on due diligence. Baglietto is located in La Spezia, Italy, and Bertram is based in Florida.

“I am very pleased with this transaction,” Argofin and Baglietto president Beniamino Gavio said in a statement, according to the La Spezia Citadel.

“Bertram is, for sure, the brand most akin to Baglietto, as they share many similarities: a family history made by legendary yachts; records broken and competitions won; a logo that, for both brands, are symbols of freedom and strength (the eagle and the seagull); and a very strong national identity that goes hand in hand with far-reaching international recognizability.”

The Gavio Group entered the boatbuilding industry after buying Cantieri Cerri in 2011, according to the Medi Telegraph.

By including Bertram in its portfolio of brands, the group will further extend the range of boats it produces. It will also create a “hub” in the yacht segment, capable of creating strong synergies by sharing resources, optimizing costs, integrating sales networks and further promoting its chances to successfully operate in the fast-growing U.S. market, the publication said.

Bertram was established in 1960 by Richard Bertram to build the iconic 31 Moppie.

The Ferretti Group acquired Fort Lauderdale-based Allied Richard Bertram Marine Group in September 2008.

In the summer of 2013, Ferretti Group America president and CEO James Henderson discussed with Trade Only what he called a “fairly significant reorganization.”

“We have brought on board Robert Ullberg, who is one of the best-known sportfish designers in the American industry,” Henderson said at the time. “We’ve relocated the factory from Miami to Cape Canaveral, Fla., and we’ve hired a brand-new team. We brought some of our existing employees to Cape Canaveral, but we also brought a lot of new people on board.”

Henderson played a key role in restructuring Bertram, developing a new operating plan, repositioning the brand, recruiting a new team and relocating the manufacturing operations.

Asked during the interview whether the group was equally focused on Ferretti, Riva, Pershing and Bertram in North America, Henderson replied:

“I would put Bertram to one side a little bit because it’s a brand we’ve only really started to refocus on in the last couple of years. The main focus for us in the Americas is Ferretti, Custom Line, Pershing and also Riva. Bertram, as well. But in terms of our sales performance and success, Ferretti and Custom Line because Ferretti is a flybridge motoryacht that goes from 50 to 96 feet, and we have an incredible range.”