Italian boatbuilder Tecnomar has acquired the Admiral brand of maxi-yachts for an undisclosed sum.

Admiral builds aluminium and steel yachts from 32m-54m (105ft-177ft) and was formerly owned by Cantieri Navali Lavagna (CNL), which filed for bankruptcy in 2010.

Technomar says the acquisition completes its portfolio, creating synergies and new growth opportunities.

“The acquisition expands our offer and presence in the marketplace,” says Giovanni Costantino, president and CEO of Tecnomar Group. “We are confident the whole group will take advantage of new growth opportunities coming up in the industry currently under massive reorganisation.”

Tecnomar produces custom yachts from 30m-60m (98ft-197ft) at a 15,000m2 production plant in Massa, Tuscany. The company says that it also plans to acquire a private dock with state-of-the-art facilities for maxi-yacht maintenance and refitting.