The Italian Sea Group: finalised the disposal of the Viareggio shipyard

The Italian Sea Group S.p.A. (“TISG” or the “Company”), global player in luxury yachting with brands Admiral, Tecnomar, Perini Navi, Picchiotti, NCA Refit and Celi 1920, announces the recent finalisation of the process of disposal of the Viareggio shipyard to Next Yacht Group, company operating in the segment of boats up to 50 metres, for an amount equal to Euro 21 million. The Viareggio shipyard comes from the acquisition of the Perini Navi company branch, carried out in 2021.

For dimensional and structural characteristics mainly linked to the draft and the size of the sheds, the production site, which was part of the Perini Navi acquisition, resulted inadequate for the production of yachts over 50 metres, which represents TISG’s core business. Indeed, the segment of full custom mega and giga-yachts constitutes approximately 90% of the current order book of the Company which, according to Boat International’s ranking, is the first player in Italy and the third in the world in this dimensional range.

The transaction concludes the plan of disposal of assets deriving from the Perini Navi company branch which TISG deemed not strategic for its development plan. In 2023, the Company already disposed – for a value of Euro 12 million – the building previously dedicated to Perini Navi offices, since corporate activities have been concentrated in the Marina di Carrara Headquarters for a more efficient business management.

With the recent transaction concerning the shipyard, which adds up to the disposal of the office building carried out in 2023, the total value of the Perini Navi assets in Viareggio, acquired in 2021 and subsequently disposed by the Company, amounts to Euro 33 million.

“We are very satisfied with this transaction, which is in line with our business strategy of focusing on the segment of custom-made large yachts – stated Giovanni Costantino, Founder and CEO of The Italian Sea Group. – We are glad that the activities in the historic Viareggio shipyard will soon be restarted by a prestigious player in yachting, for the benefit of the local community and the entire supply chain. TISG and Perini Navi will maintain their presence in Viareggio with the commercial flagship and woodworking hub located in the heart of the port and inaugurated last March.”