The Italian Sea Group formally opens its doors to new investorsi. The luxury nautical group listed on Euronext Milan has a competitive process has been started As part of the restructuring process, the aim is to transform the numerous expressions of interest received in recent months into an orderly process, subject to the oversight of the judicial administrators. Two options are on the table: the sale of the entire business complex or individual assets, or the entry of new shareholders through a capital increase.
The game opens at a particularly delicate stage for the company controlled by founder Giovanni Costantino. TISG, owner of brands such as Admiral, Tecnomar, Perini Navi, Picchiotti, Nca Refit and Celi 1920, is facing a deep economic and financial crisis After the emergence of additional costs on ongoing orders, the company initiated a blank settlement procedure. Meanwhile, its shipyards and brands have already attracted interest from several key players in the nautical and financial industries.
Two paths for the future, from asset sales to a capital increase
The process will be managed by Meti Corporate Finance and KPMG Advisory as joint financial advisors. The process was designed to consolidate the spontaneous expressions of interest received by the company into a single process and identify the solution that maximizes value for stakeholders. There are two alternatives available.
The first is a asset deal, which would allow investors to invest in the entire company or just some of its components. The scope includes the Carrara and La Spezia shipyards, the Viareggio site, the Admiral, Perini, Picchiotti, and Tecnomar brands, and the stakes in Celi Srl and TISG Turkey Yat Tersanecilik. Interested parties will therefore be able to submit proposals for the entire group, individual divisions, specific assets, or various combinations of the assets offered for sale.
The second possibility is one share deal Through a capital increase. In this case, the goal would be to recapitalize The Italian Sea Group, with the entry of new shareholders and the restoration of the capital and financial conditions necessary to continue operating as a going concern.
From Sri Global to Sanlorenzo, interest in the group is growing.
The competitive process starts from a situation in which several subjects have already shown interest for Tisg or for some of its assets.
The 4 August Sri Global Limited Holding Company, 52% owned by Giulio Gallazzi and 48% owned by Finvacchi, has submitted a non-binding expression of interest to the board of directors of The Italian Sea Group and the judicial commissioners for the acquisition of the business complex. The initiative directly involves Gallazzi, chairman and CEO of Sri Global Limited, and Bernardo Vacchi through Finvacchi. The two groups have a combined reported assets under management of approximately €500 million and have experience in industrial and financial transactions, including restructurings, turnarounds, and corporate relaunches.
But the list of potential suitors is longer. Azimuth Benetti would have focused its attention on the La Spezia site, while Ferretti announced that he had begun examining the dossier. Another proposal came from Carrara Nautical Center, a group formed by Riccardo Cima together with some suppliers and Sanlorenzo, to which another shipyard could be added, with an offer referring to the entire group. According to market rumors, Baglietto is also reportedly eyeing TISG's La Spezia assets.
The presence of multiple stakeholders It is precisely one of the elements that pushed the company to open a structured competitive procedure, avoiding separate negotiations and comparing the various industrial and financial alternatives.
Offers expected by September, signing could arrive in October
The timetable has already been defined. Interested investors will have to Submit indicative, non-binding offers by 12 noon on 15 September 2026The proposals must remain valid for 90 days from the expiry of the deadline, with the possibility of an extension at the company's request.
After an initial evaluation, The Italian Sea Group will select the entities admitted to the next phase, during which it will be possible to carry out a more in-depth due diligence. second stage The process is expected to take approximately five weeks. Binding offers are expected by October 15, while the transaction is tentatively scheduled to close by October 26, 2026. The timetable may be subject to change based on the necessary corporate and regulatory requirements. The entire process will remain under the supervision of the Judicial Commissioners, and completion of the transaction will be subject to authorization from the competent Court.
With accounts in the red and net worth negative, a relaunch is crucial.
Making the search for a solution particularly urgent are the latest numbers available on the groupAs of June 30, 2026, The Italian Sea Group recorded operating revenues of €57,9 million and total revenues of €71,2 million. The operating result was negative at €25,3 million, after depreciation, amortization, and impairment losses of €7,3 million, while the loss for the period reached €15,8 million.
The result had a positive impact on the tax revenue of approximately 15 million, linked to the submission of the supplementary IRES and IRAP declarations for 2024. On the other hand, negative extraordinary components totalling 9,5 million had an impact, mainly attributable to the agreements reached with suppliers as part of the negotiated resolution of the crisis and to the costs associated with the restructuring and recovery of the company. financial framework The situation remains particularly complex. Against total assets of €235,9 million, net equity is negative by €392,3 million. Trade payables amount to €180,5 million, while short-term financial liabilities reach €149,4 million. This latter item also includes bank loans previously classified as long-term, following the default on installments and in the context of the ongoing moratorium and standstill.
These are preliminary and management figures, prepared for reporting purposes pursuant to the procedure pursuant to Article 44 of the Italian Code of Corporate Crisis and Insolvency, and have not yet been subject to statutory audit. The company also clarified that the figures in the final half-year financial report may differ significantly following the ongoing audits.
A comparison with the previous year nonetheless captures the extent of the deterioration, even in a context that has become difficult to compare precisely because of the crisis the company has been experiencing. In the first half of 2025, TISG had recorded revenues of €186,8 million, an EBITDA of €30,4 million, and a net profit of €12,2 million.
It is on this scenario that the game for the future of The Italian Sea Group is now openWithin a few weeks, the expressions of interest will be transformed into concrete proposals, and the competitive process will determine whether the relaunch will involve the arrival of a new shareholder, the sale of the entire group, or a redistribution of its assets among several key players in the nautical industry.
