Italian Sea Group shares surge after troubled boatbuilder launches sale process
The Italian Sea Group’s Marina di Carrara headquarters. Image courtesy of The Italian Sea Group The Italian Sea Group (TISG) has launched a competitive process to identify potential investors as part of its ongoing restructuring efforts.
On Monday morning (10 August 2026) after the announcement, shares in the Milan-listed boatbuilder – which owns brands including Admiral, Tecnomar and Perini Navi – were up 9.7 per cent, with trading volumes already above the average daily volume recorded over the past 30 days.
The firm recently appointed a new CFO to oversee an audit, after launching a forensic financial investigation into ‘unauthorised’ overspending.
On 21 July 2026, chair and CEO Giovanni Costantino and board member Gianmaria Costantino (his son) both stepped down, thereby dissolving the board.
The Marina di Carrara-based firm, which is listed on Euronext Milan, has appointed Meti Corporate Finance and KPMG Advisory as joint financial advisers. Their role is to assist the company in identifying and negotiating with potential investors.
The process follows unsolicited expressions of interest received by TISG and brings those interested parties into a common framework. In late July, it emerged that Sanlorenzo is putting its weight behind a proposed consortium seeking to acquire the entire business undertaking of The Italian Sea Group.
The Italian Sea Group says interested parties will be subject to the same terms and conditions, including a confidentiality agreement, process letter, common data room information package and uniform deadlines.
TISG says it and the bodies overseeing the procedure will assess the proposals received and the process for selecting a counterparty, taking into account transparency, market access and value maximisation for the protection of creditors.
Reversal in TISG’s fortunes
The Italian Sea Group’s fortunes has changed sharply over the past two years. In April 2025, the group reported record 2024 revenues of €404.4m, up 11 per cent year-on-year, with a €1.24bn order book and a positive outlook for 2025. But by August, first-half 2025 revenues had fallen 1.4 per cent and EBITDA was down 6.3 per cent, while net profit fell 58 per cent to €12.2m.
The situation deteriorated sharply in early 2026, when the company disclosed that significant extra-budget costs on orders had progressively eroded its cash position, prompting a €25m shareholder loan, while workers staged a strike after wages were delayed. TISG subsequently launched a forensic investigation into unauthorised overspending. In March, it began a negotiated settlement procedure amid financial difficulties, followed by court protection in April. In May, the company outlined a turnaround plan that could include selling non-core real estate assets, after shares fell more than 37 per cent; the company also said losses identified during preparation of its business plan and financial recovery measures constituted a material event under Italian law.
Transaction structure
In a statement, TISG confirms the transaction may take the form of either an Asset Deal or a Share Deal.
Under the Asset Deal option, the assets potentially available for disposal include TISG’s Carrara and La Spezia shipyard sites, the Viareggio site, the Admiral, Perini, Picchiotti and Tecnomar brands, as well as shareholdings in Celi and TISG Turkey Yat Tersanecilik.
Bidders will be asked to specify which assets are covered by their offers. These may include the business as a whole, individual business units, individual assets or combinations of these. Offers can cover multiple perimeters, including on a combined basis. TISG may also assess offers for individual perimeters on an aggregate basis where this would result in higher overall proceeds.
The Share Deal option would involve a capital increase intended to recapitalise the company and restore the capital and financial conditions needed for it to continue operating as a going concern.
Process timeline
The first phase requires non-binding indicative offers to be submitted by 12pm CEST on 15 September 2026, in accordance with the process letter. Offers will remain valid for 90 days from the submission deadline, subject to an extension requested by the company.
TISG will then select investors to proceed to the second phase, which will include a more detailed due diligence review.
Phase II is expected to run for approximately five weeks from the date of invitation. Binding offers are due by 15 October 2026, with signing expected by approximately 26 October 2026. The timetable may change depending on the corporate and regulatory steps required.
The identities of participants and the terms of their offers will remain confidential during the process. TISG says it will inform the market of material developments in accordance with the applicable regulations governing inside information.
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