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Sanlorenzo backs Polo Nautico Carrara in bid for The Italian Sea Group

A consortium project aims to protect jobs, shipyards and the yacht supply chain in Carrara

Sanlorenzo supports Polo Nautico Carrara in its offer for The Italian Sea Group’s business activities

The industrial future of The Italian Sea Group has entered a new phase. The promoters of Polo Nautico Carrara, a company yet to be incorporated, have submitted an expression of interest accompanied by a secured offer for the acquisition of TISG’s entire business undertaking.

The initiative also involves Sanlorenzo, which has confirmed its interest in joining the project as a minority shareholder. The transaction, however, does not represent a completed acquisition and remains subject to reviews, conditions and a possible competitive sale process within TISG’s crisis and insolvency proceedings.

An industrial project for Carrara

Polo Nautico Carrara is expected to operate on a consortium basis, bringing together several industrial partners around a shared development plan. The proposal is intended to safeguard employment, support the resumption of manufacturing activities and protect the network of suppliers connected to the local shipbuilding district.

Another stated objective is to keep the sites and infrastructure required for yacht construction, refitting, haul-out and launching operations within the Carrara area. The project therefore considers the territory not simply as a production location, but as part of a wider industrial ecosystem made up of technical expertise, specialist companies and skilled craftspeople.

The proposed ownership structure

According to the information released by the promoters, 10% of the future company’s share capital is expected to be held by an Italian company connected to Riccardo Cima and a number of suppliers. The remaining 90% would be owned by two or three internationally established shipyards, with discussions reportedly at an advanced stage.

Sanlorenzo has expressed its willingness to take a minority stake in the new company. To support Polo Nautico Carrara’s participation in any competitive sale process, the group has also issued a letter of patronage covering an amount of up to 10% of the acquisition price.

The offer covers the entire business undertaking

The proposed transaction includes The Italian Sea Group’s entire business undertaking, excluding debts and receivables. The assets would also need to be transferred free from liens, seizure orders and security interests.

The continuation and completion of yachts currently under construction would not be automatic. Each ongoing shipbuilding contract would require direct negotiations with the relevant yacht owner, making this a central issue in determining the future continuity of production.

The crisis and insolvency process

The offer was submitted to TISG and to the judicial commissioners appointed by the Court of Florence after the company applied to access a crisis and insolvency resolution instrument under the Italian Crisis and Insolvency Code.

The competent bodies will determine the possible base price, the sale terms and the rules governing any competitive process. The offer submitted by Polo Nautico Carrara is therefore not binding on either The Italian Sea Group or the bodies responsible for managing the proceedings.

Conditions still to be met

The effectiveness of the offer depends on several steps. These include the satisfactory completion of a full due diligence review, the launch of a competitive sale procedure and compliance with the additional conditions set out in the proposal.

The structure of the transaction also assumes that the transfer will take place within insolvency proceedings. According to the official communication, this should allow the purchaser to avoid joint and several liability for debts connected with the transferred business and enable the assets to be released from pledges, mortgages and other encumbrances.

Sanlorenzo’s role in Italian shipbuilding

Sanlorenzo’s participation in the project reflects its established industrial presence across the Italian yachting sector, with production sites in La Spezia, Ameglia, Viareggio and Massa. The group considers the preservation of skills and employment to be an essential part of maintaining continuity in Italian yacht manufacturing.

Massimo Perotti, Executive Chairman of Sanlorenzo, linked the decision to support the initiative to the responsibility of leading companies to protect jobs, preserve strategic expertise and ensure the continuity of industrial activities. He also referred to Sanlorenzo’s previous contribution to the development of the Viareggio nautical district.

A possible new structure for the local district

The participation of several international shipyards in Polo Nautico Carrara could lead to a new industrial structure for the area. A consortium model would make it possible to share expertise, resources and responsibilities among different operators, reducing dependence on a single company.

The final composition of the ownership structure has not yet been disclosed. The proposed purchase price also remains confidential and will only be assessed within the framework of the relevant procedure.

A process that remains open

The proposal supported by Sanlorenzo is a concrete development, but it is not the final outcome of The Italian Sea Group’s situation. The next stages will depend on the decisions of the judicial authorities, the results of the industrial and financial reviews and the promoters’ ability to complete the future corporate structure.

For the Italian yachting industry, the issue concerns the preservation of a valuable combination of infrastructure, specialist expertise and long-established production relationships. Polo Nautico Carrara aims to provide continuity to this system, maintaining a significant part of Italy’s yacht and superyacht construction and refitting capabilities within the local area.

27 July 2026
© MED Yachting Editorial Team
Sanlorenzo backs Polo Nautico Carrara in bid for The Italian Sea Group
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