The Italian Sea Group receives acquisition proposal from Hong Kong-based group

TISG-Asia Investment Holding Limited has submitted an expression of interest to acquire The Italian Sea Group, or its entire business as a going concern, with financial backing from Hong Kong-based TGG Group.

The proposal was submitted to the Court of Florence and the Judicial Commissioners as part of proceedings under Article 44 of the Italian Code of Business Crisis and Insolvency.

The Italian Sea Group is headquartered in Marina di Carrara and operates the Admiral, Tecnomar, Perini Navi and Picchiotti brands. The boatbuilder has faced mounting troubles in recent months, and now reportedly faces €270m overdue debt – a figure thought to have increased by around €12m between June and July – as the Italian superyacht builder moves through a formal, court-supervised restructuring process.

The crisis is underpinned by the continuing fallout from the August 2024 sinking of the superyacht Bayesian, built under TISG’s Perini Navi brand. TISG has argued that the disaster – which resulted in the immediate death of seven people, plus a Dutch rescue diver – caused severe commercial damage to Perini and has launched a €456m damages claim against the yacht’s owner, Revtom, and others. The claim remains separate from the restructuring and has not been adjudicated. In March this year, the company launched an over-spending probe.

Proposal outlined

TISG-Asia says the proposal includes an immediate capital injection, continued operation of the business and completion of yachts currently under construction. It also provides for production activities and brands to remain in Italy, under European management, alongside protection of employment levels.

The bidder has clarified that the acquisition proposal is non-binding at this stage. It remains subject to due diligence and any competitive bidding process launched by the Court of Florence.

Ownership structure clarified

TISG-Asia Investment Holding Limited is a newly established Hong Kong company owned 50 per cent by Lit Yachting Limited and 50 per cent by Traugott Kaminski, its CEO. It is distinct from TISG-Asia Limited, which has served as The Italian Sea Group’s representative since 2016.

Lit Yachting is a wholly owned subsidiary of TGG Group, a Hong Kong-headquartered single-family office that deploys permanent principal capital. TGG Group invests across lifestyle, sport, media and alternative strategies, and has dedicated private-credit and special-situations capabilities, according to the clarification.

The beneficial ownership of the bidder is split equally between Kaminski and TGG Group through Lit Yachting Limited. TISG-Asia Investment Holding Limited says it remains an independent Hong Kong vehicle, is not a member of The Italian Sea Group S.p.A. and does not hold shares in the Italian company.

Proposed turnaround plan

The proposed plan would involve restructuring the shipyard’s balance sheet and providing working capital to support operations. A proposed efficiency programme would target production bottlenecks and project management, with a newly formed European executive team overseeing the turnaround.

The bidder says operational changes would be communicated to employees and that the existing order book would provide a basis for employment continuity. For customers, it refers to delays and cost overruns affecting projects and says existing commitments would be honoured.

Kaminski says: “The true value of this shipyard does not live on a spreadsheet – it lives in the hands of our shipwrights, engineers, artisans and designers. We are seeking to acquire this company to protect and amplify that irreplaceable heritage.”

Barry Lau, founder and principal of TGG Group, says: “This shipyard has a world-class setup and an iconic history, but it has suffered from capital starvation and legacy inefficiencies. We are here to stabilise the foundation, fix the operational bottlenecks, and ensure the yard keeps building the world’s finest superyachts in Italy for decades to come.”

The proposed acquisition remains subject to due diligence, any competitive process initiated by the Court of Florence and the wider proceedings overseen by the Court and Judicial Commissioners.