The Italian Sea Consortium

It’s always hard to predict the outcome of these corporate sagas, especially the one happening right now in Carrara with The Italian Sea Group (TISG), but what is becoming obvious is that the Italian industry does not want to be affected by the major collapse of another shipyard group.

Various scenarios are unfolding and it is highly likely that a deal will be done where a group of Italian companies collaborate and salvage the key aspects of the business, free of debt and encumbrances. The likes of Sanlorenzo, Azimut|Benetti, Fincantieri, Baglietto and others have been named across various news channels, and these well-financed players are all exploring their options and looking at how they can secure the supply chain, stabilise the local economy and keep the valuable workforce alive. The infrastructure and brands may be key drivers too.

Scanning the order books across each of these potential suitors, build capacity is critical and the Carrara facility is an easy win for this probable consortium; however, the Perini / Pichiotti facility in La Spezia is also an interesting proposition and no doubt a local target for Baglietto, Sanlorenzo, Ferretti and others in the Bay of Poets. Whatever happens in the coming weeks and maybe months, it looks like TISG will be rescued in some format. Whether The Italian Sea Group name remains will be up to Giovanni Constantino, and maybe some of the brands will be transferred to the various parties. Even though Sanlorenzo acquired Nautor Swan, after losing out to TISG with their bid for Perini Navi, I can see Max Perotti being attracted by an expanded sailing division with the Pichiotti yard on his doorstep.

A Lürssen Service and Refit hub in the heart of the Med would be a fascinating
and highly strategic move.

Azimut|Benetti Group have said they too are interested and looking at their options, so is this about increasing capacity for their substantial production demands or are there brands in the portfolio that may fit the current business model? Even more interesting, could Carrara become the new expanded Benetti Service Division hub, allowing Livorno to focus on new build and warranty?

Being 64 per cent state owned, Fincantieri is an interesting case from a government and regional perspective in regard to protecting the labour and supply chain. The size of Carrara’s facility and its ship-building origins would allow Fincantieri to expand its footprint on the west coast of Italy and increase its boutique cruise-ship-building capacity or even step back into the large-yacht sector, with a dedicated operation.

There is also a rumour about Lürssen in Germany being a potential suitor. Having left the grey-boat market earlier this year, in many ways this would make sense, following a huge pay-out from Rheinmetall and a very successful refit division in Hamburg that always seems to be short of capacity for the largest yachts in the fleet. Therefore, creating a Lürssen Service and Refit hub in the heart of the Med would be a fascinating and highly strategic move. 

Finally, no one has mentioned the Blackstone / Safe Harbor group. Even though they may be busy pursuing Marine Max, it’s not hard to contemplate that following the acquisition of Monaco Marine last year, their appetite for superyacht infrastructure across the Med is still high, according to their team, so who knows.

It’s going to be very interesting watching all the scenarios unfold over the coming weeks and I am sure this saga will reach its climax just in time for the Monaco Yacht Show, when all will become clear.

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The Italian Sea Group

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