Founder Returns as CEO of Italian Yacht Builder TISG

Giovanni Costantino has been reappointed as chief executive of The Italian Sea Group (TISG), less than three months after he stepped down from the role. The decision was taken at the first meeting of the company’s new board on 9 October, according to BOAT International.

The Italian Sea Group is the listed yacht builder behind brands including Admiral, Perini Navi, Picchiotti and Tecnomar, with shipyards in Carrara, La Spezia and Viareggio, plus a Turkish subsidiary. Its founder is now back at the helm at a critical moment: binding offers in the company’s sale process are due on 15 October 2026, just days after his return.

Why the Italian Sea Group needed a rescue process

Costantino had resigned on 21 July 2026 alongside his son, board member Gianmaria Costantino, an exit that dissolved the board entirely. The departure followed a sharp reversal in the company’s fortunes. After record 2024 revenues of 404.4 million euros, the builder disclosed in early 2026 that significant extra-budget costs on orders had eroded its cash position, prompting a 25 million euro shareholder loan. Workers staged a strike after wages were delayed, and the company launched a forensic investigation into unauthorised overspending, Marine Industry News reports.

TISG entered a negotiated settlement procedure in March and received court protection in April. In August it launched a competitive sale process after receiving unsolicited expressions of interest, appointing Meti Corporate Finance and KPMG Advisory as joint financial advisers. Eleven non-binding offers arrived by the 15 September deadline, according to IBI News, and investors were invited to carry out deeper due diligence before submitting binding bids.

Two ways the sale could be structured

The company has said the transaction could take the form of an asset deal or a share deal. Under an asset deal, bidders could target the business as a whole or pick individual pieces: the Carrara and La Spezia shipyard sites, the Viareggio site, the Admiral, Perini, Picchiotti and Tecnomar brands, plus shareholdings in Celi and TISG Turkey. A share deal would instead involve a capital increase to recapitalise the company and restore the conditions it needs to keep operating. Signing is expected by around 26 October 2026, though the timetable may shift with regulatory and corporate steps.

What this means for UK boat buyers

A founder returning just before a binding bid deadline is usually a sign that a sale process is getting serious. For UK buyers, the outcome matters most if you are shopping in the high-value end of the market. A recapitalised builder with stable ownership is good news for resale values and warranty support; a break-up sale of brands and yards would be messier.

Large yacht purchases are typically financed with specialist products, so it is worth running the numbers on a marine mortgage calculator before committing, and comparing terms with a yacht loan calculator to see what different loan structures would cost you per month. If you are considering a pre-owned Admiral, Perini Navi, Tecnomar or Picchiotti vessel, keep an eye on how the sale resolves: a strong buyer could lift confidence in the second-hand market, while a fire sale of assets might create short-term bargains. A used boat loan calculator can help you check affordability on pre-owned options while the process plays out.

Until the signing date passes, anyone with a deposit on a new-build TISG vessel should stay in close contact with their broker and lender, and make sure stage payments are properly protected.

Source: BOAT International