Sanlorenzo has confirmed a minority stake in a consortium bid to rescue The Italian Sea Group (TISG), months after the Marina di Carrara builder’s finances collapsed into insolvency proceedings.
The vehicle behind the bid, Polo Nautico Carrara (PNC), submitted a secured expression of interest for the whole of TISG’s business on 27 July, addressed to the company and to the three judicial commissioners appointed by the Court of Florence. The offer includes a commitment to take part in whatever competitive sale process is opened. It is not, however, a binding acquisition. Sanlorenzo’s own statement is explicit that the offer does not bind TISG or the bodies overseeing the proceedings, and that it depends on a satisfactory due diligence process, the formal opening of a competitive procedure, and other conditions still to be met.
How TISG Got Here
TISG, which owns the Admiral, Tecnomar, Perini Navi and Picchiotti brands, has been unravelling since February. On 18 and 19 February the board identified cost overruns across most of its live contracts, later described as unauthorised overspending, allegedly the work of a group of individuals bypassing internal budget controls. KPMG was appointed to carry out a forensic investigation. Founder and chief executive Giovanni Costantino’s holding company, GC Holding, provided a €25 million shareholder loan that same month, and staff pay still ran eight days late.
The company moved to formal protective measures in May. On 1 July it filed a pre-emptive application with the Court of Florence to preserve continuity while it worked out a restructuring plan, with total debt cited at around €400 million. On 22 July, shareholders confirmed that share capital had been wiped out entirely, with negative equity of roughly €399 million.
The Rescue Vehicle
Polo Nautico Carrara is the work of Riccardo Cima, a Viareggio accountant who already runs Polo Nautico di Viareggio, a roughly twenty-year-old consortium that pools a group of local shipyards. He is replicating that model for the Carrara area. Under the plan, 10 per cent of PNC’s capital would be held by a company set up by Cima and a number of suppliers, with the remaining 90 per cent held by two or three international-level shipyards.
Sanlorenzo is one of these and has confirmed interest in a minority position, backed by a patronage letter covering up to 10 per cent of the purchase price as a guarantee of PNC’s payment obligations. Some Italian reporting suggests the stake under discussion could run as high as 45 per cent, though Sanlorenzo’s own statement describes it only as a minority holding. The price has not been disclosed. Market rumour puts it close to the value the court’s own appraisals have attached to TISG, reportedly around €162 million, though this figure is unconfirmed.
Massimo Perotti, Executive Chairman, Sanlorenzo
“We chose to join this operation because we believe the role of a leading company is measured not only by its capacity to create economic value, but also by its responsibility to protect employment, preserve strategic skills and guarantee the continuity of production activities that represent a fundamental asset for the area.”
What Happens Next
PNC’s offer still needs to clear full due diligence and the opening of a formal competitive procedure before it becomes anything more than an expression of interest, and TISG is not bound to accept it. Discussions on which shipyards will make up the remaining two-thirds of PNC’s ownership are continuing.
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.
