UPDATE, AUGUST 5, 2026: Another company has joined the ranks of those wishing to acquire The Italian Sea Group. SRI Group Global has submitted a non-binding expression of interest to the Group and the judicial commissioners overseeing it. Mergers and acquisitions as well as business turnarounds are among its key areas of operation. Similar to Sanlorenzo, SBI Group wishes to keep it intact and ensure continuity at its existing sites. SBI Group also says it would explore making the Group more competitive through partnerships with Italian industrial operators.
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Sanlorenzo is among a group of builders and suppliers that have expressed interest in buying The Italian Sea Group. They intend to form a consortium that, if an acquisition is possible, will maintain construction and refit operations, without taking on the debt.
In a statement yesterday, Sanlorenzo indicated that Riccardo Cima, a partner at the Viareggio-based accounting firm Moores Rowland, submitted an expression of interest on behalf of the consortium, Polo Nautico Carrara. Polo Nautico Carrara (“Carrara Nautical Hub” in English) has not yet incorporated. However, it will see Cima and some of The Italian Sea Group’s suppliers collectively hold 10 percent. The remaining 90 percent will belong to two or three yacht builders. Sanlorenzo is among those builders, holding a minority stake. The other shipyards are not identified. According to Sanlorenzo, discussions with them “are at an advanced stage.”
Cima presented the offer to The Italian Sea Group, the Florence bankruptcy court, and three judicial commissioners overseeing the company. The company has been under insolvency protection for the past few months. As of May 31, it had net financial debt of €178.8 million (about $204.5 million). Cash and cash equivalents totaled €7.5 million (about $8.6 million). Overdue liabilities amounted to €266.8 million ($305.2 million), including accounts payable, factoring-related liabilities, tax liabilities, and social-security obligations. Additionally, on July 20, Giovanni Costantino and Gianmaria Costantino resigned from The Italian Sea Group board. Giovanni Costantino (below) remains the majority shareholder of the company. Four days after the resignations, the Group revealed that as part of its restructuring, it’s considering selling its La Spezia shipyard.
In its offer, Polo Nautico Carrara has proposed acquiring the entire business, free of liens and debts. Specifically, the alliance partners wish to preserve employment, restart operations, and support the supply chain. It additionally wants to ensure that the shipyard sites and related facilities for construction and refit remain local. No formal sale of the company has been announced. Giovanni Costantino also previously has informed media he has no intention to sell. Regardless, Sanlorenzo and its partners wish to participate in potential proceedings. Furthermore, the consortium offer includes an undisclosed proposed purchase price and a letter from Sanlorenzo pledging up to 10 percent of it as security.
Notably, the offer excludes restarting and completing construction on current superyachts in build. Instead, Sanlorenzo says the owners of the projects will need to negotiate directly. The reason may be related to a decision by the Court of Florence. Under its initial creditor protection from July 6, customers with yachts under contract couldn’t cancel the orders or seek deposit refunds. However, since the Group restructuring plan doesn’t include continuing construction on the majority of contracts, the court has removed those owners’ contractual-remedy restrictions.
In the meantime, Massimo Perotti (above), Sanlorenzo’s executive chairman, says his company wants to preserve jobs and manufacturing, “a vital asset for the local area.” He points to Sanlorenzo’s contributions to Viareggio’s nautical hub, through direct jobs and supporting the supply chain. “Our intention is to bring to the project the industrial strength, expertise, and long-term vision of Polo Nautico Carrara’s shareholders, in order to enhance the local industrial ecosystem and promote the excellence of Italian craftsmanship worldwide,” Perotti states.
Earlier this month, rumors circulated that the Azimut-Benetti Group and Ferretti Group each were interested in taking over The Italian Sea Group. Although the Azimut-Benetti Group has confirmed interest in select assets, the Ferretti Group has denied the reports.
Sanlorenzo sanlorenzoyacht.com
The Italian Sea Group theitalianseagroup.com
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