After months of uncertainty, speculation over the company’s future and judicial commissioners working on its restructuring process, The Italian Sea Group has, for the first time, found an industrial partner with a clear identity, significant weight and a firm commitment: Sanlorenzo. The company led by Massimo Perotti has announced that it is joining the project promoted by the newly established Polo Nautico Carrara S.r.l. (PNC), a consortium company created to submit an expression of interest, backed by a secured offer, for the acquisition of the entire business of the Marina di Carrara-based shipyard.

The initiative was launched by Riccardo Cima, who submitted the expression of interest on behalf of the promoters of PNC to both TISG and the judicial commissioners appointed by the Court of Florence following the filing of the company’s application for access to an insolvency restructuring procedure under Article 44 of the Italian Code of Business Crisis and Insolvency. The offer also includes a commitment to participate in any competitive sale process that may be launched for the disposal of the business.

The objective behind Polo Nautico Carrara goes beyond the acquisition itself. The consortium has been established with the aim of safeguarding employment, supporting the restart of industrial activities, strengthening the production supply chain and preserving within the local area the facilities required for yacht construction, refit operations, hauling and launching.

The proposed ownership structure provides for 10% of PNC’s share capital to be held by an Italian company to be established by Riccardo Cima together with a number of TISG suppliers, while the remaining 90% is expected to be held by two or three internationally renowned shipyards, with discussions currently at an advanced stage. Within this framework, Sanlorenzo has confirmed its intention to acquire a minority stake in PNC and has issued a letter of patronage supporting the consortium’s participation in the future competitive process, covering up to 10% of the acquisition price as a guarantee of the obligations undertaken through the offer.

The offer covers TISG’s entire business, which would be transferred free of debts and receivables. The continuation and completion of the shipyard’s current projects will instead depend on direct negotiations with the respective yacht owners. Although the offer specifies a purchase price, it will ultimately be up to the insolvency procedure to determine the reserve price and the terms of the competitive bidding process.

“We have chosen to join this initiative because we believe that the role of a leading company should not be measured solely by its ability to create economic value, but also by its responsibility to protect employment, preserve strategic expertise and ensure the continuity of industrial activities that represent a fundamental asset for the local area,” said Massimo Perotti. Sanlorenzo’s Executive Chairman also referred to the group’s contribution to the development of the Viareggio Nautical Hub, highlighting the company’s industrial strength and long-term vision as the key assets it intends to bring to the project.

The effectiveness of the offer remains subject to the successful completion of a full due diligence on the business, the launch of the competitive sale process and the fulfilment of the additional conditions set out in the offer. The proposal is also based on the assumption that the sale will take place within insolvency proceedings allowing the business to be transferred free of encumbrances and without any joint liability for the purchaser in relation to pre-existing debts.

Beyond the legal and procedural aspects, the announcement marks a significant milestone in the The Italian Sea Group story. For the first time since the crisis began, a structured industrial project has emerged, backed by one of Italy’s leading yacht builders and open to the participation of other international shipyards together with key suppliers from the production chain. Should the transaction be completed, it could become the starting point for relaunching the Marina di Carrara shipyard while preserving the industrial know-how and skills developed within the district.