Five binding takeover bids for TISG in Italy were submitted by October 19, 2026, but their different scopes leave the future of Celi and its about 90 workers unsettled. A reported €260 million proposal from Sri Global Limited includes the yacht-furnishing business, while other offers focus on individual shipyard assets.
Key takeaways
TISG received two group-wide proposals and three bids for individual assets.
Sri Global’s reported package includes Celi and retention of 485 employees.
Fillea Cgil Umbria has raised production and employment concerns since July 2026.
TISG’s financial crisis and legal proceedings
The Italian Sea Group’s crisis emerged in February 2026 , when significant extra costs were discovered on yachts under construction. An internal investigation led to a complaint against former managers.
In July 2026, the group applied to the Florence Court for access to concordato with reserve . The search for investors began the following month.
Court-appointed commissioners reported negative equity of €422.6 million as of August 31, 2026, and a €46.1 million loss over the first eight months of the year. They also identified an estimated financing requirement of about €17 million through March 2027.
TISG takeover bids in Italy cover different assets
TISG said two of the five binding proposals covered the entire corporate complex, while three concerned individual assets. The collection of offers closed on October 19, 2026.
Sri Global Limited, linked to Giulio Gallazzi and Bernardo Vacchi, reportedly submitted a €260 million package : €220 million for industrial assets and €40 million to fund the restart of operations. Its scope includes the Marina di Carrara and La Spezia shipyards, the Turkish subsidiary and Celi, with retention of 485 employees across the proposed operation.
The proposal concerns industrial assets rather than a direct purchase of all shares in the listed company. Sri Global’s proposed business plan projects revenue of €104.9 million in 2027, rising to €376.7 million in 2031, and an EBITDA margin increasing from 9.2% to 14.6%. These are targets, not confirmed future results.
Polo Nautico Carrara , backed by Sanlorenzo, confirmed that its offer covers only the La Spezia site. Baglietto also confirmed an offer. Azimut-Benetti initially expressed interest in the whole package.
Celi workers seek protection in the restructuring
Fillea Cgil Umbria has called for Celi to be fully included in any relaunch, takeover or industrial reorganization. The union raised concerns about continuity of production and employment as early as July 2026.
Celi, based in Vascigliano di Stroncone near Terni, specializes in luxury-yacht furnishings . The Carrara group has controlled the business since 2023.
The union cited production slowdowns, intermittent supplies, enforced holidays and a summer shutdown extended through August. It also requested a meeting involving the Prefecture of Terni and the Region.
For Celi’s workforce, the differing scopes of the takeover bids for TISG in Italy leave its future unsettled. Sri Global’s reported proposal explicitly includes the business, but the takeover process has not established an outcome for its approximately 90 employees.
Florence Court examines the recovery process
The Florence Court scheduled a hearing on TISG’s position, the offers received and its recovery path. The proceedings also encompass financial reporting and governance issues.
Matters scheduled for examination included accounting-information concerns raised by companies submitting binding bids, directors’ remuneration and independence requirements for recently appointed directors Sabrina Bruno and Massimo Mallegni.
TISG chief executive Giovanni Costantino said he and other board members had expressed willingness to waive their remuneration.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
