TISG: Costantino opens the bidding process for new investors. Sanlorenzo and SRI Global-Finvacchi head toward a competitive process
The phase of preliminary expressions of interest has now given way to a competitive process. The Italian Sea Group has announced the launch of the procedure that will lead to the selection of new investors as part of the company’s restructuring process, establishing common rules, timing and participation procedures for all interested parties.
This marks the next step in a process that has been taking shape over recent weeks, during which the first concrete initiatives had already emerged. On one side is the irrevocable offer submitted by Sanlorenzo through Polo Nautico Carrara for the acquisition of the entire business perimeter, subject to the successful completion of due diligence; on the other is the non-binding expression of interest submitted by SRI Global and Finvacchi, likewise aimed at preserving the Group as a whole. Today’s announcement brings these proposals, together with any future ones, into a single competitive procedure to be managed by Meti Corporate Finance and KPMG Advisory as joint financial advisors, under the supervision of the court-appointed commissioners.
According to the company, the decision was taken to bring the numerous unsolicited expressions of interest received so far into a single procedural framework, ensuring all participants equal access to information through non-disclosure agreements, a process letter, a data room and uniform deadlines. In addition to Sanlorenzo and the Bologna-based financial partnership formed by SRI Global and Finvacchi, several other leading players in the Italian yacht industry, including Baglietto, Azimut/Benetti and Ferretti Group, as well as international companies, particularly from Northern Europe, are known to be monitoring the situation closely. TISG’s production facilities appear to be attracting at least as much interest as its brands.
TISG states that the objective is to ensure transparency, equal treatment and comparability of the offers, allowing proposals to be assessed in the best interests of creditors. The procedure provides for two possible transaction structures. The first is an Asset Deal, which may involve either the entire business or individual business units and assets. The perimeter includes the shipyards in Marina di Carrara and La Spezia, the Viareggio facility, the Admiral, Perini, Picchiotti and Tecnomar brands, as well as the shareholdings in Celi S.r.l. and TISG Turkey Yat Tersanecilik A.Ş. Participants may also submit offers covering multiple perimeters, which the company reserves the right to evaluate on an aggregated basis if this results in greater overall value.
The alternative is a Share Deal, through a capital increase aimed at recapitalising the company and restoring the financial and capital conditions required to continue operations as a going concern.
The timetable sets 12:00 CEST on 15 September 2026 as the deadline for submitting non-binding indicative offers. Investors admitted to the second phase will then carry out due diligence before submitting binding offers by 15 October, with signing currently expected by 26 October, subject to any changes resulting from corporate, regulatory or court approval requirements.
The full press release issued today by The Italian Sea Group on the launch of the competitive process is available at the end of this page.
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