Sanlorenzo Yachts: here is the plan to take over The Italian Sea Group
The aim is to establish a marine industry hub in Carrara, involving shipyards and the supply chain. Among the promoters are Riccardo Cima and Massimo Perotti
Key points
The Italian Sea Group, a luxury yachting company that has long been struggling due to cost overruns on its contracts, could become a new yachting hub in Marina di Carrara. This is an industrial project – in which the Sanlorenzo Group is also involved – which has taken the form of an expression of interest, accompanied by a secured bid for the entire Tisg business complex.
The offer, which covers the company excluding debts and receivables, was submitted yesterday evening to the Court of Florence – which has jurisdiction over Tisg’s open-ended composition with creditors proceedings – and to the three court-appointed administrators (namely Niccolò Abriani, Riccardo Forgheschi and Manuela Olastri). The price has not been disclosed but, according to market rumours, it is said to be very close to the value attributed to Tisg by the court-appointed valuations, which, according to reports not confirmed by the court itself, is said to be around 162 million. It remains to be seen, however, what the timeframe will be and how the composition procedure will work.
The driving force behind the project is Riccardo Cima, sole director of the Viareggio Nautical Centre, which he helped to establish some 20 years ago by bringing together around ten small business owners from Viareggio. For the Carrara area, Cima has devised a similar initiative through a company currently being set up, operating as a consortium, called the Carrara Nautical Centre (PNC).
The General Meeting
According to the plan, Pnc’s shareholders’ meeting will comprise 10 per cent of the share capital held by a company set up by Cima and a number of suppliers; the remaining 90 per cent of the share capital will be controlled by two or three world-class shipyards, with whom discussions are currently underway. One of these is Sanlorenzo, which has expressed interest in a minority stake (which, however, according to Il Sole 24 Ore, could amount to as much as 45 per cent). Sanlorenzo has provided a letter of support covering up to 10 per cent of the price, as a guarantee of the payment obligations undertaken by the proposer.
“We have chosen to join – says Massimo Perotti, owner and executive chairman of Sanlorenzo – “because we believe that the role of a leading company is not measured solely by its ability to create economic value, but also by its responsibility to safeguard jobs, preserve strategic skills and ensure the continuity of production activities, which represent a fundamental asset for the local area.”
