Sanlorenzo Backs Consortium Offer to Acquire The Italian Sea Group Business

Consortium Submits Bid for TISG Business

Riccardo Cima has submitted a formal expression of interest on behalf of Polo Nautico Carrara (PNC) to acquire TISG's operating business. The proposal has been lodged with both TISG and the judicial commissioners appointed by the Court of Florence, which is overseeing the company's restructuring. TISG owns the Admiral, Tecnomar, Perini Navi and Picchiotti yacht brands, alongside its NCA Refit division.

Rather than pursuing TISG independently, Sanlorenzo intends to acquire a minority stake in PNC.

According to the proposed ownership structure, 10% of the consortium would be held by a company established by Cima and a group of suppliers, while the remaining 90% is expected to be owned by two or three internationally recognised shipyards currently in advanced discussions.

PNC says its objective extends beyond acquiring the business itself. The consortium has outlined several priorities should the acquisition proceed, including:

• Safeguarding jobs across TISG's workforce.

• Restarting industrial and shipbuilding operations.

• Supporting suppliers throughout the local marine industry.

• Retaining motor yacht construction, refit, haul-out and launching facilities in the Carrara region.

Commenting on the proposal, Sanlorenzo Executive Chairman Massimo Perotti said the company wanted to help protect both jobs and Italy's yacht-building expertise.

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."

Perotti added that Sanlorenzo intends to contribute the industrial expertise and long-term vision of the consortium's shareholders to strengthen the local manufacturing ecosystem.

Any yachts currently under construction at TISG would not automatically transfer under the proposed acquisition. Sanlorenzo said the continuation of existing build contracts would instead be subject to separate negotiations with each yacht owner, while the offer remains conditional on due diligence, a competitive sale process and the fulfilment of PNC's conditions.

If completed, the acquisition is expected to take place under Italy's Crisis and Insolvency Code, allowing the business to transfer without the purchaser assuming responsibility for TISG's historic debts.

The proposal follows a turbulent period for TISG after negotiations with clients failed to produce a private restructuring agreement. Earlier this month, the Court of Florence confirmed protective measures allowing the company to continue operating while it prepares a restructuring plan. TISG has also said it is evaluating a capital increase of around €100 million as part of its wider recovery strategy.

The company has also undergone significant management changes, with the resignations of chairman and CEO Giovanni Costantino and director Gianmaria Costantino triggering the dissolution of the board. The outgoing directors remain in place on an interim basis until a new board is appointed.

The proposed investment comes during a particularly active period for Sanlorenzo across both its composite and steel divisions. Alongside its latest industrial initiative, the builder recently launched the first Heritage Sanlorenzo SHE ahead of its world debut at the Cannes Yachting Festival 2026, revealed the completed interiors of flagship superyacht Silver Fox, and formally unveiled the SL80 Asymmetric, which has already secured nine sales.