The Italian Sea Group (TISG) has launched a competitive process to find an investor as part of the company’s restructuring process following its financial difficulties.
The launch of the process follows numerous unsolicited expressions of interest received by the company. These include offers from a proposed consortium which includes Sanlorenzo and also from SRI Global Ltd.
The proposed transaction could take the form of either an asset deal or a share deal.
Under the asset deal, potential investors will be able to submit a bid for all or part of the TISG business.
Assets available include TISG’s shipyards in Carrara and La Spezia, the company’s Admiral, Perini, Picchiotti and Tecnomar brands, and its shareholdings in Celi S.r.l. and TISG Turkey Yat Tersanecilik A.Ş.
TISG will consider offers for multiple or individual assets and will assess separate offers collectively if their combined value would result in higher overall proceeds.
Operating as a going concern
The share deal would comprise a capital increase aimed at recapitalising TISG and restoring the capital and financial conditions required to enable the company to continue operating as a going concern.
The process will be managed by joint financial advisors Meti Corporate Finance and KPMG Advisory, which have been appointed to assist TISG to identify and negotiate with prospective investors.
The process will look to maximise the value for stakeholders, and will take place under the supervision of TISG’s court-appointed commissioners.
All interested parties will be subject to the same terms and conditions – including a confidentiality agreement, process letter, information package and deadlines.
The framework will enable any offers to be transparently compared, with the aim of maximising the funds raised.
Selected investors
The closing date for initial non-binding offers is 15 September 2026. TISG will then review the offers and selected investors will proceed to the second phase which will include a more in-depth due diligence review.
The deadline for binding offers has been set for 15 October 2026 with signing of a provisional agreement expected to take place by 26 October 2026.
The timetable may be amended depending on any corporate and regulatory steps required.
Completion of the transaction will require court authorisation.
