Sanlorenzo has confirmed ints interest in The Italian Sea Group. Photo courtesy TISG
Sanlorenzo has confirmed its interest in taking a minority stake in a newly formed consortium bidding to acquire The Italian Sea Group (TISG) as the shipyard moves through insolvency proceedings.
An offer for TISG has been submitted by Polo Nautico Carrara (PNC), a newly formed company to be incorporated under Italian law by Riccardo Cima, partner at Viareggio-based accounting firm Moores Roland, who is acting for the consortium’s partners.
Sanlorenzo has confirmed it is prepared to take a minority stake in PNC whose shareholding would comprise up 10% held by a company incorporated by Cima and certain suppliers.
The remaining 90% is expected to be held by two or three international shipyards, with which discussions are at an advanced stage.
Shipbuilding and refit operations
The consortium is designed to safeguard TISG’s industrial operations, employment levels, support the supply chain and ensure that facilities remain in the local area for shipbuilding and refit operations.
The offer covers TISG’s entire business undertaking, excluding debts and receivables. It excludes encumbrances, seizure orders and security interests.
Continuation and completion of any ongoing shipbuilding contracts will be subject to negotiations 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,” explained Massimo Perotti, executive chairman of Sanlorenzo.
Industrial value and employment
“This is a commitment we have already demonstrated in tangible terms over the years by contributing to the development and strengthening of the Viareggio nautical hub, through initiatives that have created industrial value and employment, as well as growth prospects for the entire supply chain.
“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.”
The non-binding offer is conditional to the satisfactory outcome of a full due diligence review and the launch of the competitive sale process among other terms.
The offer comes after news confirming that TISG has applied for access to a crisis and insolvency resolution tool under Italian law.
Earlier in July, TISG’s chairman and chief executive officer Giovanni Costantino resigned from his position as a director of the company with immediate effect.
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