Investors Line Up for Sale of Megayacht Builder The Italian Sea Group

The insolvency process for bankrupt megayacht builder The Italian Sea Group is moving forward, and the company's revamped board is taking bids for acquisition of its entire enterprise, its individual business units or its physical assets.

Early expressions of interest come from Italian players in the yachting world. Sanlorenzo Yachts announced in July that a shipyard consortium has submitted a bid for the entire business of The Italian Sea Group (TSIG), including its yards, brands and its Turkish subsidiary. 90% of the consortium's shares would be held by "two or three shipyards of international standing," Sanlorenzo said in a statement. Sanlorenzo itself would take a stake of 10 percent.

"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 Sanlorenzo chairman Massimo Perotti in a statement.

Other potential bidders reported in the yachting trade press include shipbuilder Azimut-Benetti Group and - separately - SRI Group, an M&A specialist firm. A confidential bidder selection process runs through September 15, followed by a formal binding bid selection ending October 15.

Meti Corporate Finance and KPMG Advisory are on board as advisors for the restructuring and sale.

TISG's financial standing has been deteriorating since 2025, due in part to a $70 million increase in costs, which its board of directors attributes to "operational inefficiencies" and "misconduct on the part of managers who have left the company." Revenue fell by 25 percent in FY2025, from $460 million to $345 million. Sales have also fallen, due in part to reputational damage surrounding the high-profile loss of the megayacht Bayesian, a legacy issue that The Italian Sea Group inherited with the purchase of shipbuilder Perini Navi. EBITDA swung hard to a loss for the year, down from $80 million in 2024 (a healthy 17 percent profit) to negative $115 million in 2025.

Inside the company, changes have been moving fast. Chair Filippo Menchelli and vice chair Marco Carniani resigned in February; new chair Giovanni Costantino and board member Gianmaria Costantino resigned at the end of July. Since April, a new CFO and a financial auditing consultancy have been examining the company's finances following allegations of "unauthorized" spending.