NEWS
Meti Corporate Finance acts as exclusive financial advisor to GC Holding S.p.A. for the placement of a minority stake (8.7%) in the Italian Sea Group S.p.A. through an accelerated bookbuilding
BACKGROUND
Founded in 1575 and headquartered in Marina di Carrara, The Italian Sea Group (“TISG”) is a leader in the yachting sector and in luxury yachts’ manufacturing
TISG focuses on super and mega yachts over 50 meters in length under several brands such as Admiral, Tecnomar, Perini Navi, Picchiotti, NCA Refit and Celi1920. Its major partnerships arethose with Automobili Lamborghini and Giorgio Armani
The Company boasts a strong international presence with over 60% of its revenues generated abroad
TISG ended FY23 with strong financial results, reporting revenues of €364m and an EBITDA of €62m (implied EBITDA margin equal to 17%)
PROCESS
Meti Corporate Finance targeted relevant institutional investors with the aim to build a high-quality book in line with the reference shareholder GC Holding S.p.A. and the primary anchor investors (among which Giorgio Armani and Alychlo)
The share settlement process began on March 26, 2024 while the definitive settlement of the shares took place on March 27, 2024 through an accelerated bookbuilding process reserved to qualified and institutional investors both in Italy and abroad, in collaboration with Intermonte
OUT COME
The transaction increases TISG’s free float to meet all necessary requirements to apply for membership in the STAR segment of the Euronext Milan market as well as enhances the stock liquidity
GC Holding S.p.A. will remain in control of the company with a 53.60% stake
The transaction highlights the Meti Corporate Finance team's solid experience in the Food&Beverage and its established relationships with the financial investment community