Baglietto's interest is understood to concern the La Spezia production site rather than TISG as a whole. No acquisition has been agreed and Baglietto has not announced a binding offer, but the confirmation adds another potential buyer to a process that has already attracted interest involving Sanlorenzo and SRI Global.
Why Is Baglietto Interested in TISG's La Spezia Shipyard?
For Baglietto, the attraction of TISG's La Spezia assets is straightforward: the facility could add significant yacht-building and refit capacity in a city where Baglietto already builds its yachts.
Baglietto's existing La Spezia headquarters cover approximately 35,000 square meters, with three sheds capable of accommodating yachts up to 65m and quays for motor yachts reaching 70m. The company also operates another production facility in Carrara. The TISG facility would add another substantial piece of infrastructure. The approximately 32,000-square-meter La Spezia shipyard was formerly part of Perini Navi and was acquired by The Italian Sea Group following its purchase of the Perini Navi business in 2021.
TISG documentation lists three production slots capable of handling yachts up to around 70m, alongside 14 refit positions and 820-tonne and 260-tonne travel lifts. Extra capacity could become increasingly relevant as Baglietto moves further into the superyacht market, following the launch of the first 60m Baglietto T60 in March 2026, the largest yacht it had built at the time, with a third unit already sold and scheduled for delivery in 2029.
However, CEO Diego Michele Deprati has not committed the company to an acquisition. Instead, he has said Baglietto is monitoring developments and will assess the opportunity as it evolves. Current interest is understood to be focused primarily on the La Spezia assets.
The Italian Sea Group Opens Assets to Potential Buyers
The Italian Sea Group formally opened a competitive process to find investors on 9 August 2026, creating several possible routes for a sale or recapitalization.
Importantly, a prospective buyer does not have to acquire The Italian Sea Group in its entirety.
TISG has opened the competitive process to proposals covering individual assets or larger parts of the business.
Assets available to prospective investors include:
- Shipyards: Carrara and La Spezia
- Viareggio: TISG's operating site in Viareggio
- Yacht brands: Admiral, Perini Navi, Picchiotti and Tecnomar
- Subsidiaries and interests: Stakes in Celi and TISG Turkey
A separate route allows an investor to pursue an equity transaction through a capital increase designed to recapitalize TISG.
The structure means Baglietto could potentially acquire the La Spezia shipyard without taking control of TISG's yacht brands or remaining production facilities. It also leaves open the possibility that the group's assets could ultimately pass to several different owners.
TISG Restructuring Follows €170.9 Million 2025 Loss
TISG entered its current restructuring process after a significant deterioration in its financial performance during 2025.
Full-year accounts approved in August 2026 reported revenue of €295.1 million, down 27% from the previous year. EBITDA moved from a €70.3 million profit in 2024 to a €99.2 million loss, while the group recorded a net loss of €170.9 million.
TISG's net financial position was negative €129.6 million at the end of 2025, compared with negative €12.5 million one year earlier. The company has attributed considerable financial pressure to additional costs associated with yacht projects.
Following an earlier attempt at a negotiated restructuring, TISG filed an application under Article 44 of the Italian Crisis and Insolvency Code on 1 July 2026. The Florence court subsequently granted the company 60 days to submit its restructuring proposal and plan.
The board has also proposed a capital increase of up to €140 million and the potential issuance of up to €150 million in participating financial instruments. Shareholders are scheduled to consider the proposals on 30 September.
Who Else Is Interested in Buying The Italian Sea Group?
Baglietto is one of several parties now associated with the future of TISG, although the proposed transactions differ considerably in scope.
Polo Nautico Carrara has submitted an expression of interest supported by an offer for TISG's entire business undertaking. Sanlorenzo has confirmed that it plans to acquire a minority interest in the proposed consortium and has issued financial support covering up to 10% of the purchase price.
Sanlorenzo has stressed that its participation remains subject to due diligence and the outcome of the competitive process. SRI Global Limited has separately submitted a non-binding expression of interest concerning the entire TISG business.
Other major yacht builders previously linked to TISG have distanced themselves from acquisition reports. Ferretti Group denied in June that it was negotiating to acquire TISG or its principal assets, while German shipbuilder Lürssen rejected speculation about a possible acquisition earlier in 2026
What the TISG Sale Process Means for Yacht Owners and Buyers
For yacht buyers, the key question is not simply who acquires The Italian Sea Group, but which specific shipyards and yacht brands end up with each investor.
TISG currently operates Admiral, Tecnomar, Perini Navi and Picchiotti, supported by its shipyards in Carrara and La Spezia. If the competitive process results in different buyers taking different parts of the business, the group’s structure could change significantly from today.
This is particularly relevant for owners with yachts under construction, prospective buyers considering a new build, and existing clients relying on long-term refit and after-sales support. However, no transaction has been completed or approved, and Baglietto’s interest in La Spezia remains only indicative at this stage.
The process continues with non-binding offers due on 15 September 2026, followed by due diligence and a target timeline for binding offers in October, though all dates remain subject to change under the court-supervised procedure.
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