Giovanni Costantino, from stock market listing to restructuring: the rise and fall of The Italian Sea Group’s founder
He acquired bankrupt brands and struggling shipyards, turning them into a listed group and a leading name in Italian luxury yachting. Now Giovanni Costantino faces the prospect of seeing The Italian Sea Group, the company he began building in 2009, change hands. Meeting on 2 November, the Board of Directors opted for a court-supervised arrangement with creditors designed to preserve operations under a new owner, selecting SRI Group Global Limited’s €220 million offer as the basis for the plan submitted to the Court of Florence. The proposal envisages leasing the entire business to a new industrial operator before its subsequent sale. No final award has yet been made, as improved bids can still be submitted, but barring a last-minute coup de théâtre, the process appears set to bring the founder’s management of the shipyards to an end.
The situation unravelled in less than twelve months following the discovery, in February 2026, of cost overruns on numerous ongoing contracts. The 2025 financial statements show a net loss of €170.9 million, with share capital fully eroded. At 30 September, equity was negative by €435.2 million and cash had fallen to €1.8 million. Accounts of the causes differ: Costantino attributes them to the actions of former senior executives and managers, who reject the allegations. Yet this story begins elsewhere: with seventeen years of growth built on acquisitions, industrial investment and partnerships with the luxury sector, bringing revenues to €404.4 million in 2024.
Tecnomar, Admiral and the transformation of Nuovi Cantieri Apuania
Costantino entered the yachting industry in 2009 with the acquisition of Tecnomar, a brand specialising in motor yachts. It was the first step in a project that would take shape over the following years as The Italian Sea Group, pursuing a strategy based on acquiring distressed companies and brands, reviving production facilities and integrating them into a single group. Admiral followed in November 2011: another historic Italian shipbuilding name, specialising in aluminium and steel yachts. This, too, involved a business in difficulty. The brand was acquired at a bankruptcy auction held by the Court of Milan as part of the insolvency proceedings involving Cantieri Navali Lavagna (CNL), which had been declared insolvent in January 2010. Completed on 4 November 2011, the transaction covered the brand, designs, technical documentation and other intangible assets, but not the production facilities. It allowed Tecnomar to move into larger yachts with a name already well established internationally.
The most significant industrial step in this early phase came in 2012: the acquisition from Invitalia of Nuovi Cantieri Apuania in Marina di Carrara, a shipyard historically devoted to commercial shipbuilding and then facing difficulties. Costantino now had a large facility that could be converted to yacht construction and refit. The agreement also provided for the retention of 146 employees, making it important for local employment. The new owner reorganised the site, upgraded its facilities and brought an increasing share of the work required for large yachts in-house. He also reshaped the shipyard’s image, transforming owner reception areas along lines more commonly associated with luxury businesses. PressMare followed this transformation firsthand over the years. It became one of the most distinctive features of Costantino’s management: the shipyard also served as a commercial showcase, where clients were expected to find a standard of service consistent with the value of the product. Alongside this came efforts to strengthen the supply chain, through activities and acquisitions intended to bring production processes and supplies under greater control, reduce reliance on subcontractors, improve contract planning and retain strategic expertise within the group.
Franck Muller Yacht: the first luxury partnership
The first collaboration with an international luxury brand dates back to 2015, when The Italian Sea Group reached an agreement with Franck Muller, the Swiss haute horlogerie house led by Vartan Sirmakes. The project envisaged a range of 55-, 68-, 80- and 100-foot motor yachts, in Open and Hard Top versions, with designs developed by the group’s Centro Stile alongside the watchmaker’s designers. The first model, the Franck Muller Yacht 55, featured composite construction, a reverse bow, generous outdoor spaces and Volvo Penta IPS propulsion. Launched in Marina di Carrara in September 2015, it was presented at that year’s Monaco Yacht Show with an indicative price of approximately €1.5 million, including a Franck Muller watch from the Yachting collection.
Despite expectations, fuelled in part by reports that five units had already been ordered, the collaboration did not develop into the production programme originally envisaged. The 55-footer remains the only vessel whose construction PressMare has documented, while there is no record of the other announced models being built. The reasons why the partnership ended have never been publicly explained. The venture remains Costantino’s first structured attempt to associate his yachts with a luxury brand, an approach he would later revisit with Lamborghini and Armani.
Lamborghini and Armani: yachting meets automotive design and fashion
On 25 May 2020, The Italian Sea Group announced its agreement with Automobili Lamborghini for the Tecnomar for Lamborghini 63, a motor yacht inspired by the Lamborghini Sián FKP 37. Designers from both companies worked to bring some of the defining characteristics of the Sant’Agata Bolognese marque’s supercars to the water: performance, design and customisation for international clients seeking a sports yacht with an instantly recognisable identity. Costantino explained the rationale behind the agreement: “Technology, design excellence, quality and performance are essential values for us.” The collaboration also proved commercially successful: in his July 2026 interview with PressMare, Costantino said the Tecnomar for Lamborghini 63 had reached its thirty-third hull and that the two companies were working on a new 101-foot model.
The connection with fashion was even more pronounced through Giorgio Armani. The partnership led to a 72-metre Admiral megayacht, with exterior styling developed alongside Admiral’s Centro Stile and interiors by Armani/Casa. The project was unveiled in February 2023 at the Marina di Carrara headquarters, during an event attended by approximately 650 owners, brokers, shareholders and international journalists, including PressMare, and featuring a Giorgio Armani fashion show. The designer linked the agreement to his own approach to design: “With this new collaboration, I have extended my vision of furnishing into the world of yachting,” bringing aesthetics and function together in a natural, elegant style. The collaboration also included a 55-metre Admiral with Armani interiors, launched in April 2023. With Franck Muller, Lamborghini and Armani, the underlying strategy was the same: to complement the group’s brands with relationships across other luxury sectors, using design, customisation and recognisability to strengthen its international positioning.
The stock market listing and the acquisition of Perini Navi
On 8 June 2021, The Italian Sea Group made its stock market debut at €4.90 per share, with an initial market capitalisation of approximately €260 million. Previously controlled by its founder, the group became subject to the disclosure and governance requirements applicable to listed companies. A few months earlier, Costantino had explained the decision to PressMare: “We are listing to gain greater visibility and further strengthen the international market’s confidence in our company.” The listing was intended to support investment, expand production capacity and facilitate further acquisitions. Objectives outlined in the same interview included building yachts up to 100 metres, strengthening Admiral and Tecnomar, and developing more partnerships with luxury companies.
The most important transaction came at the end of that year: on 22 December 2021, The Italian Sea Group won the bankruptcy auction for Perini Navi with an €80 million bid through its subsidiary New Sail. Completed in January 2022, the acquisition also included the Picchiotti and Perini Cup brands. The group thus entered the large sailing yacht segment with a name that had helped shape the history of luxury sailing, while strengthening its presence in Viareggio. In December 2023, during redevelopment work at the site, Costantino reaffirmed the importance of the relationship between Perini Navi and the Tuscan city. That prospect of continuity, however, lasted only a few months. In June 2024, TISG completed the sale of the former Perini Navi shipyard in Viareggio to Next Yacht Group, controlled by the Nesti family, as reported by PressMare. The transaction included the production site, the historic Perini office building and the berths in front of it, bringing €33 million into the group’s coffers, compared with the €80 million paid in 2021 for the entire acquired business and assets. TISG retained the Perini Navi and Picchiotti brands, the offices on Via Coppino in Viareggio and the La Spezia shipyard, which Perini Navi had named Picchiotti and which many still refer to as the former Beconcini yard. It is this facility for which Baglietto, Sanlorenzo and Fincantieri have recently submitted bids of around €40 million.
Growth and the first signs of difficulty
Following the listing, revenues rose sharply: from €186 million in 2021 to €295 million in 2022, then €364.4 million in 2023 and €404.4 million in 2024. In that last year, EBITDA stood at €70.3 million, net profit at €33.8 million and the order book at approximately €1.24 billion. As the group grew, its organisation became more complex. In November 2024, Gianmaria Costantino, the founder’s son and already a board member, was appointed Chief Commercial Officer, responsible for international commercial activities.
Meanwhile, TISG’s business model was raising questions within the industry, particularly over the prices offered on certain contracts. In the July 2026 interview, PressMare asked Costantino whether he had ever doubted the sustainability of such competitive commercial terms. His answer was unequivocal: “I have always believed that our prices reflected greater industrial efficiency.” The statement encapsulates a cornerstone of his model: the belief that production organisation and process control could deliver greater efficiency in large yacht construction than traditional shipbuilding practices.
2026: cost overruns and the onset of the crisis
The picture changed radically in February 2026, when The Italian Sea Group disclosed cost overruns on numerous ongoing contracts and began reviewing their financial management and profitability. On 18 February, a €25 million shareholder loan was approved and disbursed the following day by GC Holding, the company through which Costantino controls his stake in TISG. The loan was interest-free, subordinated to repayment of bank creditors and due to mature in 2032. On 26 February, two key governance figures resigned: Filippo Menchelli stepped down as a director and Chairman of the Board, while Marco Carniani resigned as a director and Deputy Chairman, and from his position as the executive responsible for preparing the company’s financial reports. Costantino assumed greater responsibility for managing the crisis, and KPMG Advisory was appointed to carry out forensic due diligence.
On 9 March, the entrepreneur filed a criminal complaint with the Massa Public Prosecutor’s Office against five former senior executives and managers: Filippo Menchelli, former Chairman of the Board; Marco Carniani, former Deputy Chairman and Chief Financial Officer; Francesca Marchetti; Marco Figara; and Andrea Bigagli. Costantino alleged that the company had suffered harm through improper conduct and the falsification of management documents. The former managers named in the complaint rejected the allegations, and in July Menchelli and Carniani stated that they had resigned for just cause, disputing Costantino’s account. On the information currently available, there has been no final judicial finding establishing that the alleged conduct caused the crisis.
The financial scale of the crisis became clearer in the following months. On 16 March, TISG entered Italy’s negotiated crisis settlement procedure, and the Court of Florence granted protective measures to allow negotiations with creditors. On 21 May, the Board acknowledged that losses had reduced share capital below the statutory minimum, triggering Article 2447 of the Italian Civil Code, although the amount had yet to be quantified. In July, the company would confirm that its capital had been fully eroded, with negative equity of €399.2 million at 30 April.
Resignations, a return to management and the search for new investors
On 20 July, Giovanni and Gianmaria Costantino resigned from the Board of Directors, triggering the resignation of the entire board, which remained in office solely to carry out necessary business. The following day, Costantino chose PressMare to explain his decision in an interview whose headline summarised his position: “I am stepping down from the operational leadership of The Italian Sea Group, but I have no intention of selling the company.” He said he wanted to enable a change in governance without relinquishing ownership control or abandoning the industrial project. He attributed the crisis to a group of former senior executives and managers who, he alleged, had systematically altered the documentation used to assess contract profitability. This account is disputed and must be considered separately from the financial and balance sheet figures that subsequently emerged. In the same interview, he also addressed his management style, often described as highly centralised: “For fourteen years, I personally oversaw every detail of the company. Over the past three years, as the group grew, I had begun delegating, while retaining all the control systems required of a listed company.”
On 9 August, TISG launched a competitive process to identify investors willing to support the business as a going concern, while its financial position continued to deteriorate, requiring further extensions from the Court. On 30 September, shareholders approved the 2025 financial statements and appointed a new Board, chaired by Saverio Schiavone. On 9 October, Costantino formally returned to operational leadership as Chief Executive Officer, but in a profoundly changed context: the 2025 consolidated financial statements showed revenues of €295.1 million, negative EBITDA of €99.2 million and a net loss of €170.9 million. Consolidated equity was negative by €388.1 million, while net debt increased from €12.5 million at the end of 2024 to €129.6 million at the end of 2025.
From binding offers to the decision to seek an arrangement with creditors
On 19 October, The Italian Sea Group announced that it had received five binding offers: two for the entire business and three for individual assets. Interested parties included Azimut-Benetti, with a proposal for the whole group, and SRI Group Global Limited, with a €220 million offer accompanied by a programme of further investment. On 29 October, the Court of Florence scheduled a hearing for 11 November to consider the prospects for business continuity. Two alternatives emerged: a recapitalisation that would allow Costantino to retain a management role, or the transfer of the business to a new operator through a court-supervised arrangement with creditors preserving operations under new ownership.
On 2 November, the Board chose the second option, identifying SRI Group Global Limited’s offer as the basis for the plan. The decision does not constitute a final award, as improved offers remain possible, but it establishes a process involving an initial lease of the business followed by its sale. The plan provides for full repayment of preferential creditors and an estimated recovery of around 10% for unsecured creditors, with no residual value for shareholders. Following court approval, TISG will be placed into liquidation and, once the plan has been implemented, will no longer own the industrial business. On 3 November, Borsa Italiana suspended trading in the shares.
The figures at 30 September and the impact on suppliers
The latest figures, as at 30 September 2026 and submitted to the Court of Florence, show further deterioration: the loss for the first nine months reached €58.7 million, compared with €46.1 million at the end of August. Trade payables rose to €208.3 million, while financial liabilities stood at €151.6 million in the short term and €34.2 million in the long term. This deterioration has been accompanied by a gradual reduction in production activity, making it difficult to envisage work continuing independently without a new industrial operator.
Employees and a network of numerous businesses specialising in superyacht construction and outfitting are bearing the consequences. With unsecured creditors expected to recover only 10%, it remains unclear how many suppliers will be able to absorb the losses on amounts owed to them by the group.
A possible final chapter
Two aspects of Costantino’s story must be considered separately: the industrial transformation between 2009 and 2024, with historic brands revived, facilities revitalised, growing revenues, a stock market listing and partnerships with leading luxury names; and the crisis of 2026, with capital wiped out, heavy debt and insolvency proceedings that could lead to the transfer of the entire business. Responsibility for the irregularities alleged by Costantino has yet to be established, as have the reasons why contract profitability deteriorated to the point of jeopardising the company’s ability to continue as a going concern. Accounts differ on these issues, and statements by those involved are not sufficient on their own to resolve them.
On 11 November, the Court of Florence will examine the course proposed by the company. A transfer to a new operator would bring Costantino’s era to a close without necessarily spelling the end of the shipyards. The future of Marina di Carrara and La Spezia, of the Admiral, Tecnomar, Perini Navi and Picchiotti brands, and of the people who work there could continue beyond the tenure of the group’s controlling shareholder. It is an outcome that would have been difficult to imagine when the group was expanding through acquisitions and presenting its plans to the market.