SRI Global bids for troubled yacht maker The Italian Sea Group
SRI Global bids for troubled yacht maker The Italian Sea Group MILAN, Aug 4 (Reuters) - SRI Global, an investment holding company controlled by Italian businessman Giulio Gallazzi, said on Tuesday it had submitted a non-binding expression of interest to acquire the business of luxury yacht maker The Italian Sea Group TISG.MI, joining the race for the troubled company.
The preliminary proposal was sent on Tuesday to The Italian Sea Group's board and special commissioners, SRI Global said in a statement.
The Italian Sea Group, owner of the Admiral, Tecnomar and Perini Navi yacht brands, entered insolvency proceedings last month.
The latest expression of interest follows moves by other industry players.
Last month Sanlorenzo SNL.MI backed a consortium bid for the company's assets, while yachtmaker Azimut Benetti Chair Giovanna Vitelli said her group would be interested in selected assets.
Italian yachtmaker Ferretti executives said last week they were looking at The Italian Sea Group's file.
SRI Global said its proposal is based on a long-term industrial plan aimed at preserving The Italian Sea Group as an integrated business, maintaining strategic functions and decision-making activities in Italy and ensuring production continuity at existing sites.
SRI Global is 52%-owned by Gallazzi and 48%-owned by investment vehicle Finvacchi.
SRI Global and Finvacchi said they oversee combined assets under management of around €500 million.
(Reporting by Elvira Pollina
Editing by Keith Weir)
((elvira.pollina@thomsonreuters.com))