The Italian Sea Group soars on the back of interest in Azimut-Benetti
The leading private group in the recreational boating sector, and the world’s leading manufacturer of megayachts for the past 25 years, is looking at a number of assets
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(Il Sole 24 Ore Radiocor) - The Italian Sea Group soars on the Milan Stock Exchange following interest from Azimut-Benetti – the leading private group in the recreational boating sector and, for the past 25 years, the world’s leading manufacturer of megayachts – in some of its assets. Thus, whilst the FTSE MIB – Milan’s main index – rose by less than one point, the yachting group managed to gain around nine points outside the main index. However, the year-to-date performance remains negative, with a loss of over 70 per cent on the stock market. The share price has, in fact, been penalised by the financial difficulties the company has been facing for months.
The Italian Sea Group’s debt stands at over 154 million euros, and the founder, Giovanni Costantino, together with his son Gianmaria, have resigned from the board of directors. Furthermore, to put its finances in order, the group is drawing up a restructuring plan which could include the sale of its shipyard in La Spezia. And this is precisely where Azimut-Benetti could come into the picture. Chairwoman Giovanna Vitelli has in fact told the newspaper La Repubblica that the Piedmont-based company is ready to “consider the acquisition of certain assets”, “if the conditions are right”.
On the other hand, The Italian Sea Group’s shipyard, , forms part of the “Miglio Blu”, La Spezia’s nautical district of excellence, and could prove attractive to many industry players, such as Sanlorenzo and Baglietto. It is also true, however, that Azimut-Benetti, “on the back of solid financial results, including revenue of €1.5 billion in 2025 and over €500 million in net cash – writes Banca Akros – appears well-positioned to pursue potential acquisitions”.
The Avigliana (Turin)-based group, “despite market uncertainty and geopolitical tensions, is focusing its efforts on the €170 million investment plan scheduled to run until 2028. - the experts continue - Around €50 million has already been invested in the head office and the expansion of the Piedmont shipyard, whilst a further €100 million will be allocated to sites in Tuscany, specifically in Viareggio, Livorno and Massa". Banca Akros points out that any such transaction could also have an impact on Tip – Tamburi Investment Partners (-0.21% on the Milan Stock Exchange), which holds a stake of around 8% in Azimut-Benetti.
