SRI Global expresses interest in shipbuilder The Italian Sea Group

Holding company SRI Global Limited — 52% controlled by Giulio Gallazzi, with Bernardo Vacchi's Finvacchi holding 48% — submitted a non-binding expression of interest on 4 August 2026 to the board and the court-appointed commissioners (Commissari Giudiziali) of shipyard group The Italian Sea Group (brands Admiral, Tecnomar, Perini Navi, Picchiotti) for the acquisition of the business complex; TISG is in insolvency protection proceedings. For 2025 the group had reported a 27% revenue slump to around €295m, EBITDA of −€99m (previous year +€70m) and a net loss of €170.9m. The offer competes with the interest of Sanlorenzo within the 'Polo Nautico Carrara', which became known on 27 July 2026. Second source: Il Sole 24 Ore. Update (5 Aug 2026): Rival bidder Sanlorenzo formalised its interest: through the consortium vehicle 'Polo Nautico Carrara' (45% Sanlorenzo, 45% Polo Nautico Viareggio) it filed a binding, irrevocable purchase offer with a deposit for the entire group perimeter with the board and the insolvency officials. Effectiveness remains conditional on successful due diligence and the outcome of the bidding procedure. Update (10 Aug 2026): The individual expressions of interest have turned into a formal competitive bidding process. Non-binding offers are due by 15 September 2026 and binding offers by 15 October 2026, with signing envisaged for 26 October 2026. Alongside 'Polo Nautico Carrara' (Sanlorenzo) and SRI Global, Forbes Italia also names Azimut Benetti and Ferretti as interested parties. The share rose 15% on the announcement; over six months it remains down about 70%. Update (15 September 2026): Eleven non-binding offers (asset-deal and equity-deal structures) were received by the deadline; the advisors are now selecting the bidders for the second phase with in-depth due diligence, and binding offers are expected by 15 October 2026. The identity and content of the offers remain confidential (Teleborsa, 15 September 2026).