Tisg: Sri Global wants all the assets, followed by growth in Italia and the US

“A platform that expands from Italia across the world.” This is how Giulio Gallazzi, at the helm of Sri Global – an investment holding company in which he holds a 52 per cent stake alongside Bernardo Vacchi (48 per cent) – describes the structure he intends to create, should the plan to acquire the luxury yachting firm The Italian Sea Group (Tisg), submitted to the Court of Florence, is successful.

A plan formalised by a binding offer that begins with the acquisition of all the company’s assets, with an investment commitment of 260 million euros – a figure higher than the value attributed to Tisg by the court itself (reportedly around 162 million) – but also an objective of rapid expansion, both in Italia – through partnerships and M&A – and in America – through industrial agreements.

All this forms part of a 2027–2031 business plan which forecasts that, following the potential acquisition, the revenues of the former Tisg to rise, as early as next year, to 104.9 million (with an EBITDA margin of 9.2%) and reach 376.7 million in 2031 (EBITDA margin: 14.6%).

These figures have come to light as the Court of Florence has scheduled a new hearing (on 28 October), having examined the third periodic report from Tisg’s judicial administrators; which states that the company’s net equity as at 31 August stood at a negative 422.6 million, having deteriorated by approximately 30.3 million since June, with a loss of 46.1 million in the first eight months of 2026. There are also 4 million in debts, incurred after the appeal was lodged and which remain unpaid. Furthermore, the adjusted balance is already negative as of October, with a funding requirement of approximately 17 million by March 2027; this ‘necessitates an assessment of the sustainability of continuing operations’. Furthermore, the Court notes that it is necessary to verify the ‘reporting issues highlighted’ by some of the companies that submitted the five binding offers; as well as the appropriateness of directors’ remuneration and the independence requirements of directors Sabrina Bruno and Massimo Mallegni, who have just been appointed to the board. During the hearing, the company will engage in cross-examination with creditors and the public prosecutor. Regarding the court summons, yesterday Giovanni Costantino, CEO of Tisg, highlighted ‘the extraordinary work carried out in recent months to prevent the loss of an industrial, professional and human legacy built up over more than 17 years’. He added that both he and the other members of the board “have signalled their willingness to waive their remuneration”.

Gallazzi and Stefano Siragusa (formerly at the helm of Ansaldo STS, Bain and TIM), who, should the acquisition of TISG go ahead, will be co-head of the new company and, in his role as chief operating officer and chief technology officer, will work alongside the designated CEO, Vincenzo Poerio, an expert in the nautical sector. Ours, say Gallazzi and Siragusa, “is the only bid, as far as we are aware, for Tisg’s total assets, because it also includes the group’s Turkish subsidiary (Tisg Turkey Yat Tersanecilik, Ed.) and the Celi joinery business. For the purchase of the entire business, we will contribute 220 million to be paid under the composition with creditors; the remaining 40 million is the capital immediately required to restart all operations, as the new company to be established cannot start with debt; it must, of course, have sufficient liquidity to finance the full resumption of operations’. To proceed with the acquisition, they explain, “we have set up a special purpose vehicle (SPV), which is being capitalised with 260 million through a capital increase and, once the transaction is completed, will take on a name other than The Italian Sea Group”.