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Sanlorenzo is among a group of builders and suppliers that have expressed interest in buying The Italian Sea Group. They intend to form a consortium that, if an acquisition is possible, will maintain new-yacht construction and refit operations, without taking on the existing debt.
In a statement yesterday, Sanlorenzo indicated that Riccardo Cima, a partner at the Viareggio-based accounting firm Moores Rowland, submitted an expression of interest on behalf of the consortium, Polo Nautico Carrara. Polo Nautico Carrara (“Carrara Nautical Hub” in English) has not yet incorporated. However, it will see Cima and some of The Italian Sea Group’s suppliers collectively hold 10 percent. The remaining 90 percent will belong to two or three yacht builders, with Sanlorenzo among them and holding a minority stake. The other shipyards are not identified. According to Sanlorenzo, discussions with them “are at an advanced stage.”
Cima presented the offer to The Italian Sea Group, the Florence bankruptcy court, and three judicial commissioners overseeing the company. The company has been under insolvency protection for the past few months. As of May 31, it had net financial debt of €178.8 million (about $204.5 million). Cash and cash equivalents totaled €7.5 million (about $8.6 million). Overdue liabilities amounted to €266.8 million ($305.2 million), including accounts payable, factoring-related liabilities, tax liabilities, and social-security obligations. Additionally, on July 20, Giovanni Costantino and Gianmaria Costantino resigned from The Italian Sea Group board. Giovanni Costantino (below) remains the majority shareholder of the company. Four days after the resignations, The Italian Sea Group revealed that as part of its restructuring, it’s considering selling its La Spezia shipyard.
In its offer, Polo Nautico Carrara has proposed acquiring the entire business, free of liens and debts. Specifically, the alliance partners wish to preserve employment, restart operations, and support the supply chain. It additionally wants to ensure that the shipyard sites and related facilities for construction and refit remain local. No formal sale of the company has been announced, and Giovanni Costantino previously has informed media he has no intention to sell. Regardless, Sanlorenzo and its partners wish to participate in potential proceedings. Furthermore, the consortium offer includes an undisclosed proposed purchase price and a letter from Sanlorenzo pledging up to 10 percent of it as security.
Notably, the offer excludes restarting and completing construction on current superyachts in build. Instead, Sanlorenzo says the owners of the projects will need to negotiate directly.
In the meantime, Massimo Perotti (above), Sanlorenzo’s executive chairman, says his company has stepped forward to preserve jobs and manufacturing, “a vital asset for the local area.” He points to the contributions that Sanlorenzo has made to Viareggio’s nautical hub, through direct jobs and supporting the 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,” Perotti states.
Earlier this month, rumors circulated that the Azimut-Benetti Group and Ferretti Group each were interested in taking over The Italian Sea Group. Although the Azimut-Benetti Group has confirmed interest in select assets, the Ferretti Group has denied the reports.
Sanlorenzo sanlorenzoyacht.com
The Italian Sea Group theitalianseagroup.com