Admiral, Tecnomar and Perini Navi: Italy's largest builder above 50 m, with hulls built in Türkiye, now in court-supervised restructuring and for sale.
2009
Founded
Giovanni Costantino 53.6%, listed Milan
Owner
EUR 295 m · 2025, -27%
Revenue
EUR 171 m · 2025
Loss
485
People
4th · 23 projects
Rank
What happened, 2023 to 2026
Dec 2024Money4th in the Global Order Book; order book EUR 1.3 bn
Feb 2026MoneyFounder injects EUR 25 m against project cost overruns; shares -36%
Mar 2026MoneyCrisis procedure opens at the Court of Florence; shares -47%
Jul 2026Top seatComposition with creditors; founder resigns; redundancies start
Oct 2026Top seatFounder returns as CEO under a new board and court administrators
Oct 2026DealFive binding bids for the yards; sale to close mid-November
What it adds up to. The top Italian superyacht builder collapsed in one year on cost overruns; Tankoa's CEO, Sanlorenzo, Azimut|Benetti and Baglietto are bidding for its yards.
Who runs it
Top seatGiovanni Costantino, Chairman and CEO (founder; not on the LinkedIn roster)
Head of sales, Admiral Yachts Americassince 2019
Chief Commercial Officersince 2025
Production Director, 100 m linesince 2022
Production Director, Admiral 70 m linesince 2026
Technical Directorsince 2021
Chief Technical Officersince 2026
Investor relations, ESG and governance director; board secretarysince 2025
Organisation. Founder-controlled, in restructuring; founder CEO again under court administrators
What it shows for a new yard. Founder-controlled to the end; its former general director and its former operations chief are both on the market.
Former leaders now elsewhere14 people who held a top or senior seat here
now General Manager at Isa Yachts - Palumbo Superyachts
now Director - Project Management Surveyor - Consulter - Insurance Claim at Freelance
now Direttore generale at Palumbo SuperYachts
now Ingegnere navale at Self-employed
now R&D Projects & Ship Platform Manager at Sanlorenzo Yacht
now Head of Metal Division at Next Yacht Group
now Head of Image & Communication at Mangusta Yachts
now Responsabile di Produzione (Stab. Massa)/ Production Manager (Massa Plant) at NEXT Yacht Group
now Operation Director at Falcon Yachts
now Head of After Sales EMEA & APAC > 26mt at Azimut Yachts
now Shipyard Manager at Tankoa Yachts
now Vicepresidente at Marevivo Liguria
now Responsabile produzione at TANKOA YACHTS SpA
now Sales Director Custom Business at Ferretti Group
Organisation chartthe top seat, the senior layer by function, and the managers where the top team is small; the number two is marked
Giovanni Costantino, Chairman and CEO (founder; not on the LinkedIn roster)
Top seat per the press; not on the company page
General management1 senior
Sales and marketing2 senior, +3 managers below
Engineering and design4 senior, +9 managers below
Production and operations6 senior, +15 managers below
Projects and service2 senior, +8 managers below
Purchasing2 senior, +1 managers below
Finance, legal and IT3 senior, +5 managers below
Alberto Bevacqua
Country Director, TISG Türkiye
since 2024
Frank Grzeszczak Sr.
Head of sales, Admiral Yachts Americas
since 2019
Gianmaria Costantino
Chief Commercial Officer
since 2025
Owner familyNumber two
AD
Alfonso De Carolis
Technical Director
since 2021
Emiliano Austi
Chief Technical Officer
since 2026
Gian Marco Campanino
Creative and Art Director
since 2017
SF
Silvia Fabbrini
Technical Director
since 2025
Alessandro Carossa
Production Director, 100 m line
since 2022
Gabriele Andreani
Production Director, Admiral 70 m line
since 2026
Massimo De Santi
Shipyard Director
since 2026
Ozgur Deli
Director of Production (Istanbul)
since 2025
Paolo Misitano
Quality Director
since 2017
Alan de Candiziis
Chief Production Officer
since 2026
CS
Cristian Stefanini
Operations director; head of after-sales and refit business unit
since 2026
Francesco Fullin
Program Manager
since 2026
Anna Signorini
Group purchasing director
since 2021
Marcello Santoro
Purchasing Director
since 2025
EF
Enrico Filippi
Investor relations, ESG and governance director; board secretary
since 2025
Fabio Zanobini
Group CFO
since 2026
Salvatore Siviglia
Chief Risk Officer; legal office
since 2025
Managers in functions with no senior seat on the page, not drawn: people 3
Number two (owning family). The founder's son holds the commercial seat and sat on the board; the professional number two is the chief production officer (de Candiziis, March 2026). Both depend on the sale of the group.
The top team as read on LinkedIn113 people read as staff, October 2026
Founder-chairman-CEO over a C-suite built almost entirely in 2025-2026: Chief Commercial Officer (the chairman's family, Jan 2025), Group CFO (Apr 2026), Chief Technical Officer (Mar 2026, from Maersk), Chief Production Officer (Mar 2026, grown inside), Shipyard Director (Feb 2026, from Sanlorenzo), Purchasing Director (Dec 2025, from Hitachi Rail), Chief Risk Officer (Nov 2025), investor-relations and governance director (Nov 2024); below them two technical directors, production directors per line (100 m, Admiral 70 m, Istanbul), a quality director, an after-sales and refit business unit, an art director, and a Country Director for TISG Türkiye.
The listed Italian group shows the most title inflation and the fastest turnover on either list: nearly every C-seat is less than eighteen months old, and most were filled from outside yachting (container shipping, rail, Ferrari). The commercial function is the exception, held inside the family, so there is no career CCO to map. The group runs a Turkish unit with its own country director, purchasing scope and a Turkish production director who came from a Turkish-owned yard in Miami. The group is for sale as of Oct 2026, with Azimut-Benetti and Baglietto among the bidders, so its senior layer is in play.
Seats and dates are as the people describe them on LinkedIn; a person who moved in the last months can still show the old seat. Tap a person for the profile and the reading.
Candidates at The Italian Sea Group · Admiral5 people under 50 in the pools; the shortlisted first
Emiliano Austi
Chief Technical Officer - Technical & Maritime Engineering division at The Italian Sea Group S.p.A · La Spezia, Italy
Chief technical officer of The Italian Sea Group since March 2026; head of naval architecture at Maersk for nine years, Lloyd's Register surveyor; Delft and Genoa. An industrial-grade technical head.
Reachability
Needs a trigger
Revisit: When the sale closes; check January 2027 · Location model A or B
What would move them
An engineering organisation to build from zero, after nine years running Maersk's naval architecture department and a year in a group under restructuring.
The trigger
The sale of The Italian Sea Group, under way in October 2026 with five bidders: a buyer who brings its own technical chief frees him.
The route, and the location model
Through the Maersk and Lloyd's Register network; direct after the sale closes. Lived in Copenhagen for nine years; mobile; the technical chief beside a commercial general manager.
Career
Chief Technical Officer - Technical & Maritime Engineering division · The Italian Sea Group S.p.A Mar 2026 – Present
Engineering General Director · The Italian Sea Group S.p.A Jan 2026 – Mar 2026
Director/Dirigente, Head Naval Architecture & Fleet Regulatory Compliance · A.P. Moller - Maersk Jul 2024 – Dec 2025
Director, Head Naval Architecture Department & PMO · A.P. Moller - Maersk Dec 2016 – Jun 2024
Age44 to 48estimate from the degree years on the profile
Based inLa Spezia, Italy
Current seatChief Technical Officer - Technical & Maritime Engineering division, The Italian Sea Group · Admiral, since 2026
CareerSince 2002, 24 years
Builders on the CVThe Italian Sea Group · Admiral (current)
EducationIMD Mini MBA · Inspiring Maersk Management Program; Technische Universiteit Delft 2007 · Marine Technology (Ship production)
LanguagesEnglish, Italian, Romanian
In brief
CTO since Mar 2026 (engineering general director from Jan 2026); A.P. Moller-Maersk head of naval architecture and fleet regulatory 2016-2025, Lloyd's Register senior surveyor, Dutch design offices; Delft and Genoa. Contracting and technical negotiation are in his own description. An industrial-grade technical head who has never sold a yacht.
From the web
Chief technical officer of The Italian Sea Group since March 2026 after joining as engineering general director in January 2026 (company directories; his profile). Chaired MARIN's TopTier joint industry project on container-ship safety from 2021 to 2025 while at Maersk. No interviews found; the group itself was restructured in late 2025.
Alan de Candiziis
Chief Production Officer at The Italian Sea Group S.p.A · Carrara, Italy
Age47 to 51estimate from the degree years on the profile
Based inCarrara, Italy
Current seatChief Production Officer, The Italian Sea Group · Admiral, since 2026
CareerSince 2006, 20 years
Builders on the CVThe Italian Sea Group · Admiral (current); Ferretti Group (earlier); Next Yacht Group · Maiora (earlier)
EducationPolitecnico di Milano master yacht design; Politecnico di Milano pianificazione territoriale urbanistica ed ambientale · Yach
LanguagesNot given
In brief
CPO since Mar 2026; industrial process director 2023-2026, Picchiotti director, Tecnomar production director, production manager; Ferretti industrial engineering before. Politecnico di Milano yacht design master. Grew from engineering to the group's production C-seat.
Alessandro Carossa
Direttore di Produzione 100 mt at The Italian Sea Group S.p.A · Carrara, Italy
Age41 to 47estimate from the first dated job; less exact
Based inSarzana, Italy
Current seatTechnical Director, The Italian Sea Group · Admiral, since 2021
CareerSince 2006, 20 years
Builders on the CVThe Italian Sea Group · Admiral (current); Azimut Yachts (earlier); Palumbo Superyachts · ISA (earlier); Sanlorenzo (earlier)
EducationUniversità degli Studi di Genova Ingegneria Nautica
LanguagesNot given
In brief
Since Apr 2021; Palumbo refit project manager, Sanlorenzo project engineer, twelve years of stability and yacht-code work at Azimut-Benetti; Genoa nautical engineering.
Facts and news, with sourcesthe research behind the overview
Show the facts and the dated news with their sources
Founded: 2009 by Giovanni Costantino with the acquisition of Tecnomar; bought Nuovi Cantieri Apuania (NCA) in 2012; bought the Perini Navi brand and assets after Perini's 2021 bankruptcy.
Headquarters: Marina di Carrara, Tuscany.
Yards: Marina di Carrara (main), La Spezia (former Perini yard), Viareggio, Celi interiors joinery in Terni, plus hull production sites in Turkey (location not named). source 1source 2
Ownership: listed on Euronext Milan (Borsa Italiana) since 2021-06-08 (IPO at EUR 4.90 a share, EUR 97 million raised). GC Holding S.p.A. (Giovanni Costantino) holds 53.6%; as of 2025-08 Alychlo NV/SA held 11.4% and Giorgio Armani S.p.A. 4.99%. source 1source 2
Status (2026-10): in a court-supervised restructuring at the Court of Florence; asset sale in progress (see News).
Size
Employees: 485 (as of 2026-10-20, per press on the bids; about 80 workers already lost). source 1source 2
Revenue: EUR 295.1 million in 2025 (down 27% from EUR 404.4 million in 2024); net loss EUR 170.9 million in 2025 versus EUR 33.9 million profit in 2024; net financial position minus EUR 129.6 million (company accounts approved 2026-07-31). source
Debt: overdue debts EUR 266.8 million (2026-05-31); negative equity minus EUR 399.2 million (2026-04-30). source 1source 2
Global Order Book 2025 (published 2024-12): 4th overall, 2nd in the superyacht segment, 22 projects, 1,356 m; order book about EUR 1.3 billion. source
Global Order Book 2026 (published 2025-12): 4th, 23 projects; metres not found. source
Product
Size range: up to about 140 m; motor and sailing yachts. source
Admiral: steel and aluminium motor yachts, full custom (50 to 90 m class) plus the semi-custom Panorama 50 series.
Tecnomar: fast aluminium and composite yachts, series and semi-custom; Tecnomar for Lamborghini 63 is a limited series of 63 units; Tecnomar for Lamborghini 101 in build.
Perini Navi: large sailing yachts, full custom. Picchiotti: classic-style yachts.
In build (2026-05): Tecnomar for Lamborghini 101 (hull built in Turkey); an 88 m yacht (hull in Turkey); 82 m and 85 m orders signed end of 2025. source
Deliveries 2023 to 2026.
First Admiral Panorama 50, 50 m, delivered 2026-07. source
Second Admiral Panorama 50 (hybrid), launched 2026-07. source
Tecnomar catamaran "This Is It" offered for sale, price cut to EUR 42 million (2026-09). source
Other 2023 to 2025 deliveries: not collected.
Leadership
Giovanni Costantino — CEO again (reappointed by the new board), as of 2026-10-09. He had resigned as chairman and CEO on 2026-07-20; controls 53.6% via GC Holding. source 1source 2
Saverio Schiavone — chairman of the board, as of 2026-10-09. source
Fabio Zanobini — finance director and manager responsible for the financial statements, as of 2026-10-09.
Board members named: Sabrina Bruno, Massimo Mallegni, Gabriella Covino, as of 2026-10-09.
Pietro Smeriglio — executive director, resigned as of 2026-07-22. source
Court-appointed judicial administrators: Niccolo Abriani, Riccardo Forgheschi, Manuela Olastri, as of 2026-10-20. source
Vincenzo Poerio — CEO of Tankoa Yachts (ex-CEO of Benetti); would become TISG chief executive if the SRI Global bid wins, as of 2026-10-19. source
News 2023 to 2026
2026-10
New board chaired by Saverio Schiavone reappoints Giovanni Costantino as CEO with executive powers, within the limits of the court procedure; half-year report postponed to 2026-11-03.superyacht24.it
2026-10
Five binding bids for TISG assets by the 2026-10-19 deadline: SRI Global (Giulio Gallazzi; relaunch led by Tankoa CEO Vincenzo Poerio; rumoured EUR 260 million for Carrara, La Spezia and Celi, keeping all 485 staff), Polo Nautico Carrara (Sanlorenzo and Polo Nautico Viareggio, La Spezia only), and reported bids from Baglietto and Fincantieri; procedure due to close mid-November.superyacht24.itsuperyacht24.it
2026-08
2025 accounts: revenue EUR 295.1 million (minus 27%), net loss EUR 170.9 million; proposed capital increase up to EUR 140 million plus EUR 150 million equity-linked instruments; competitive sale process launched; Blackstone-backed Safe Harbor named as contender.superyacht24.itsuperyacht24.it
2026-07
Founder Giovanni Costantino resigns as chairman and CEO; executive director Pietro Smeriglio and director Gianmaria Costantino also resign; board stays as caretaker.superyacht24.itsuperyacht24.it
2026-07
TISG files for a "blank" composition with creditors (court-supervised restructuring); Court of Florence appoints judicial administrators; redundancy scheme launched.superyacht24.itsuperyacht24.it
2026-07
Azimut-Benetti criticises TISG's legal action after an analysis on the sinking of the Perini-built Bayesian (2024); Azimut-Benetti chair Giovanna Vitelli says the group could consider TISG assets.superyacht24.it
2026-03
Negotiated crisis settlement opens at the Court of Florence (2026-03-16) after an internal review found large cost overruns on several contracts; former executives reported to prosecutors; shares fall 47% the next day.en.wikipedia.orgsuperyacht24.it
2026-02
Costantino injects EUR 25 million to cover extra project costs; KPMG engaged; shares fall 35.8%.en.wikipedia.org
2024-12
TISG ranks 4th overall and 2nd among superyacht builders in the Global Order Book 2025; order book about EUR 1.3 billion.pressmare.it
