Sanlorenzo backs consortium bid for The Italian Sea Group
Admiral 72 by Giorgio Armani. The Italian Sea Group Sanlorenzo is putting its weight behind a proposed consortium seeking to acquire the entire business undertaking of The Italian Sea Group, as TISG faces insolvency proceedings following a sharp deterioration in its financial position. The move could bring together several international shipyards around a plan that aims to restart operations and protect employment.
The Italian shipyard is backing an expression of interest and offer for the acquisition of the entire business undertaking of TISG, submitted by a proposed consortium under the banner of Polo Nautico Carrara (PNC).
PNC is being promoted by Riccardo Cima and others – it’s a company yet to be incorporated under Italian law. The offer is made on the assumption that the sale of the business undertaking will take place as part of insolvency proceedings to which TISG is subject.
In accordance with the provisions of the Italian Crisis and Insolvency Code (CCII), this would make it possible, among other things, to exclude the purchaser’s joint and several liability for debts relating to the transferred business undertaking and to release the transferred movable and immovable assets from any liens, pledges and mortgages.
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.
Bayesian tragedy adds to commercial pressure
The sinking of the 56-metre Perini Navi-built Bayesian in August 2024 also became a major reputational issue for TISG. The yacht sank off Sicily with the loss of seven lives, including British technology entrepreneur Mike Lynch. TISG, which acquired Perini Navi in 2021, initially faced intense scrutiny over the yacht’s design and construction, with CEO Giovanni Costantino describing the vessel as “unsinkable”. The company later said it had suffered significant commercial damage as a result of the tragedy and subsequent scrutiny, claiming it had lost hundreds of millions of euros in revenue, that planned yacht sales worth close to €1bn by 2028 had failed to materialise and that no Perini-branded yachts had been sold since the sinking. TISG has also taken legal action over reporting and against parties linked to the yacht, while the circumstances surrounding the sinking remain under investigation.
Now Sanlorenzo says it’s interested in taking a minority stake in PNC, and has provided security of up to 10 per cent of TISG’s purchase price.
“We chose to take part in this transaction because we believe that the role of a leading company is measured not only by its ability to create economic value, but also by its responsibility to safeguard jobs, preserve strategic expertise and ensure the continuity of manufacturing activities that represent a vital asset for the local area,” says Massimo Perotti, executive chairman of Sanlorenzo.
Consortium aims to protect jobs and restart operations
This underpins PNC’s stated aims of safeguarding employment levels, facilitating the resumption of industrial operations, supporting the supply chain and ensuring that the sites and facilities required for shipyard activities, including refitting, haul-out and launching operations, remain in the local area.
“This is a commitment we have already demonstrated in tangible terms over the years by contributing to the development and strengthening of the Viareggio nautical hub, through initiatives that have created industrial value and employment, as well as growth prospects for the entire supply chain,” continues Perotti.
“Our intention is to bring to the project the industrial strength, expertise and long-term vision of Polo Nautico Carrara’s shareholders, in order to enhance the local industrial ecosystem and promote the excellence of Italian craftsmanship worldwide.”
Bid remains subject to due diligence and sale process
The offer is not a completed acquisition. It includes a commitment to participate in any competitive sale process that may be launched for TISG’s business undertaking. The transaction remains subject to due diligence, a competitive sale process and other conditions.
The perimeter covered by the offer comprises TISG’s entire business undertaking, excluding debts and receivables. Any continuation and completion of ongoing shipbuilding contracts will be subject to direct negotiations with the respective yacht owners.
The offer specifies a price for the acquisition of the business undertaking, which must be transferred free from encumbrances, seizure orders and security interests. It will, however, be for the competent bodies of the proceedings to determine any base price and the terms and conditions of the competitive sale process.
The offer has been submitted to TISG and to the Judicial Commissioners appointed by the Court of Florence. This follows TISG’s filing of an application, with reservation, for access to a crisis and insolvency resolution instrument pursuant to Article 44 of CCII.
Ten per cent of PNC’s share capital is expected to be held by a company to be incorporated under Italian law by Riccardo Cima and certain suppliers. The remaining 90 per cent is expected to be held by two or three shipyards of international standing, with which discussions are – seemingly – at an advanced stage.
The effectiveness of the offer is subject, among other things, to the satisfactory outcome of a full due diligence review of the business undertaking, the launch of the competitive sale process and the satisfaction of additional conditions.
TISG’s last few months
Earlier in July, The Italian Sea Group announced the resignation of chair and CEO Giovanni Costantino and board member Gianmaria Costantino (his son) from their positions as directors amid ongoing turmoil for the Italian superyacht yard, which is battling financial issues and an overspending probe.
The Italian Sea Group, which operates through the brands Admiral, Tecnomar, Perini Navi, Picchiotti, NCA Refit and Celi 1920, announced the start of a negotiated crisis settlement procedure on 16 March 2026.
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