Sanlorenzo has submitted an offer to acquire The Italian Sea Group’s (TISG) entire business through Polo Nautico Carrara (PNC), a new company to be incorporated under Italian law. The move follows TISG’s filing for access to crisis and insolvency resolution proceedings under Article 44 of Italy’s Crisis and Insolvency Code.
The offer was submitted to TISG and to the Judicial Commissioners appointed by the court of Florence, and it includes a commitment to participate in any competitive sale process for TISG’s assets. According to Sanlorenzo, PNC will operate as a consortium intended to safeguard jobs, support the local supply chain, and keep operations at the company’s existing sites.
Under the proposed structure, 10% of PNC would be held by a new company formed by Riccardo Cima and several suppliers, while the remaining 90% would be owned by two or three internationally recognized shipyards that are in discussions to join the consortium.
Sanlorenzo confirmed its interest in taking a minority stake in PNC and has issued a letter of patronage supporting the consortium’s participation in the sale process for up to 10% of the purchase price.
The offer covers TISG’s entire business, excluding its debts and receivables. Completion of existing yacht construction contracts would be subject to negotiation with the respective yacht owners.
“We chose to take part in this transaction because we believe that the role of a leading company is measured not only by its ability to create economic value, but also by its responsibility to safeguard jobs, preserve strategic expertise, and ensure the continuity of manufacturing activities that represent a vital asset for the local area,” said Massimo Perotti, executive chairman of Sanlorenzo. “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.”
Sanlorenzo said the proposed acquisition is subject to due diligence, a competitive sale process, and other conditions. The company also noted that the offer is non-binding. The purchase price has not been disclosed.
According to the Italian media outlet Repubblica, Azimut-Benetti is also prepared to consider certain TISG assets, reporting that chairwoman Giovanna Vitelli specifically mentioning the La Spezia shipyard. The article also noted that other yards may be interested.
Image by Sanlorenzo.
