The Marina di Carrara-based group, which owns Admiral, Tecnomar, Perini Navi and Picchiotti, confirmed the conclusion of its second bidding phase on October 19. According to its official announcement, two of the five binding offers target the entire operating business, while three focus on individual assets or divisions.
The bids follow the reappointment of Giovanni Costantino as TISG CEO on October 9, less than three months after his resignation amid the group's financial restructuring. Sanlorenzo has also confirmed a binding offer for TISG's La Spezia shipyard.
TISG Confirms Five Binding Bids, Including Two for Entire Business
TISG launched its competitive sale process in August 2026, inviting proposals covering individual shipyards, yacht brands or the entire business. The first phase concluded on September 15 with 11 non-binding offers, including proposals structured as asset purchases and equity investments.
Five binding bids have now progressed to evaluation, with all structured as asset deals rather than share purchases. This raises the possibility that different parts of the group could be sold separately.
The board is reviewing the proposals with financial advisers Meti Corporate Finance and KPMG Advisory. TISG has not disclosed the bidders' identities, proposed purchase prices or conditions, and no transaction has been agreed.
Sanlorenzo Submits Binding Offer for TISG's La Spezia Shipyard
Sanlorenzo confirmed on October 19 that Polo Nautico Carrara (PNC), a company jointly owned by Sanlorenzo and its subsidiary Polo Nautico Viareggio, had submitted a binding offer for TISG's La Spezia shipyard. The official statement marks a change from July, when Sanlorenzo supported a consortium proposal to acquire TISG's entire operating business.
Sanlorenzo said the narrower proposal reflects the available documentation and timetable of the competitive process, while maintaining that the revised structure would protect employment and the local supply chain.
The La Spezia facility, previously associated with Perini Navi and Picchiotti, provides established superyacht construction and refit infrastructure.
Who Else Is Interested in Buying The Italian Sea Group?
Several major names have been linked to the restructuring, although their participation among the five final bidders has not been officially confirmed. Azimut|Benetti CEO Marco Valle confirmed in an October 14 interview that the group was interested in acquiring TISG's entire business, citing additional yacht production capacity as a key attraction.
Baglietto has also expressed interest, particularly in the La Spezia facility, which could expand its existing construction and refit operations. Meanwhile, it has been reported that the SRI Global consortium is pursuing the entire business, with Tankoa Yachts CEO Vincenzo Poerio personally involved. Tankoa itself is not currently participating.
Why Is The Italian Sea Group Facing Financial Difficulties?
The acquisition process follows a sharp deterioration in TISG's finances, with substantial cost overruns affecting its yacht construction contracts. Its 2025 consolidated results recorded a net loss of €170.9 million, compared with a €33.9 million profit in 2024. Revenue declined 27% to €295.1 million, while EBITDA fell from a positive €70.3 million to a loss of €99.2 million.
More recent unaudited figures for August 2026 showed TISG's parent company holding €2.85 million in cash and reporting negative shareholders' equity of approximately €422.7 million. TISG entered court-supervised restructuring proceedings in July, with the Court of Florence overseeing the process.
What Happens to Admiral, Tecnomar and Perini Navi if TISG Is Sold?
The outcome could have significant consequences for TISG's yachtbuilding portfolio, particularly if its shipyards and brands are acquired by different investors.
The group operates four established yacht brands:
-
Admiral — Custom motor superyachts, including the 72m No Rush.
-
Tecnomar — Performance-focused motor yachts, including the Lamborghini 101.
-
Perini Navi — Large sailing superyachts, including some of the world's most recognizable sailing yachts.
-
Picchiotti — A historic Italian brand recently revived through the Gentleman 24 series.
Despite its financial difficulties, TISG has continued selected deliveries during 2026, including the 50m Admiral Panorama yacht SPRIBE. However, the future of existing construction contracts and unfinished yachts will depend on the eventual acquisition arrangements.
The Italian Sea Group Sale: Key Deadlines and Next Steps
TISG's board must now select a preferred proposal as the deadline for submitting its restructuring plan to the Court of Florence approaches at the end of October.
The company has committed to informing the market once a bid is selected, although any transaction remains subject to further approvals.
With its delayed half-year financial report scheduled for approval on November 3, TISG faces a critical period that will determine whether its yachtbuilding operations remain together under new ownership or are divided between multiple buyers.
Looking to own your dream yacht? View all new and used superyachts for sale, tracked in real time by YachtBuyer MarketWatch. We scan the entire market to ensure access to all genuine listings, saving you time. Alternatively, you can view all other yachts for sale.
