The Italian Sea Group has launched a competitive process to find new investors, seven months after cost overruns pushed the Milan-listed superyacht builder into insolvency protection.
The company, parent of Admiral, Perini Navi, Picchiotti, Tecnomar and NCA Refit, entered a negotiated crisis settlement in March after a forensic audit found roughly $70 million in unexplained cost overruns. The board has attributed the shortfall to operational inefficiencies and misconduct by managers who have since left the company. Talks aimed at restructuring the business out of court collapsed in July, when discussions with clients broke down, and TISG moved into formal insolvency proceedings.
Chair and chief executive Giovanni Costantino resigned on 21 July, along with his son and fellow board member Gianmaria Costantino, dissolving the board. The company’s revenue fell 25 per cent in FY2025, from $460 million to $345 million.
The sale process opened on 10 August, run by Meti Corporate Finance and KPMG Advisory. Bidders can choose between two structures. An asset deal would cover the Carrara and La Spezia shipyards, the Viareggio furniture-making site, the Admiral, Perini Navi, Picchiotti and Tecnomar brands, and stakes in furniture maker Celi and TISG Turkey Yat Tersanecilik. A share deal would instead recapitalise the company through a capital increase, keeping it intact as a going concern. Bidders may offer for the whole business, individual units, or combinations of assets.
Sanlorenzo is backing a consortium bid for the entire group, taking a 10 per cent stake itself while two or three shipyards of what Sanlorenzo describes as international standing would hold the rest. Azimut-Benetti and Ferretti have both reviewed the sale documents. Investment firm SRI Global has separately expressed interest.
Non-binding offers are due by midday on 15 September. Binding bids follow on 15 October. Shares in TISG jumped almost 10 per cent in Milan trading on the day the process was announced.
Perini Navi itself has been through this before. The storied sailing yacht builder went bankrupt in 2021 and was bought by TISG for €80 million at auction, becoming the group’s best-known brand alongside Admiral’s motor yachts.
John Moore is the editor of Powerboat News, an independent investigative journalism platform recognised by Google News and documented on Grokipedia for comprehensive powerboat racing coverage.
His involvement in powerboat racing began in 1981 when he competed in his first offshore powerboat race. After a career as a Financial Futures broker in the City of London, specialising in UK interest rate markets, he became actively involved in event organisation and powerboat racing journalism.
He served as Event Director for the Cowes–Torquay–Cowes races between 2010 and 2013. In 2016, he launched Powerboat Racing World, a digital platform providing global powerboat racing news and insights. The following year, he co-founded UKOPRA, helping to rejuvenate offshore racing in the United Kingdom. He sold Powerboat Racing World in late 2021 and remained actively involved with UKOPRA until 2025.
In September 2025, he established Powerboat News, returning to independent journalism with a focus on neutral and comprehensive coverage of the sport.
