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Platinum Equity announced today the signing of a definitive agreement to sell De Wave Group ("De Wave"), a leading provider of integrated marine interior and technical systems solutions for the cruise and yacht industries. Financial terms were not disclosed. The transaction is subject to customary regulatory approvals and is expected to close by the end of 2026.
Headquartered in Genoa, Italy, De Wave supports shipowners and shipyards throughout the vessel lifecycle, from newbuilds to refits and upgrades. Its capabilities span design and engineering, manufacturing, project management and onboard installation, after-sales services, ship repair and maintenance.
During Platinum Equity's ownership, De Wave more than doubled revenue and EBITDA, grew its backlog to more than €1 billion and expanded its international footprint, all while navigating one of the most challenging periods in the history of the global cruise industry.
Platinum Equity acquired De Wave in October 2019. Shortly thereafter, the cruise industry entered a period of unprecedented disruption during the pandemic, as operators paused sailings and deferred newbuild and refit activity.
Platinum acted decisively during the disruption, elevating Riccardo Pompili to Group CEO and working closely with him to make key leadership hires and internal promotions at the height of the pandemic.
"When we acquired De Wave, we saw a technically strong business with the potential to become a more integrated global leader," said Louis Samson, Co-President of Platinum Equity. "Within months, the company was operating near the epicenter of Europe's initial COVID-19 outbreak while serving an industry brought to a near standstill. Riccardo and his team showed great leadership and together we rebuilt the business. It's a remarkable story of achievement, perseverance and teamwork."
"De Wave is a compelling example of what our team can achieve in close partnership with management," said Fernando Goni, Managing Director at Platinum Equity. "We believe our operational focus and the combined strength of our investment, operations and capital markets teams helped strengthen leadership, improve execution and build a more integrated and resilient platform through organic growth and M&A."
Highlights of the transformation include:
"Platinum Equity was a committed partner throughout an extraordinary period for our industry," said Riccardo Pompili, Group CEO of De Wave. "The team acted decisively, supported our leadership and gave us the resources to invest in De Wave's future. Together, we expanded our capabilities, strengthened our international presence and created a more integrated platform that can support customers throughout the lifecycle of a vessel. I am deeply grateful to our employees for their dedication and proud of what we have achieved. We look forward to working with Renaissance Partners as we begin our next chapter."
Samson said the success of the De Wave investment marks another important milestone for Platinum Equity in Europe and its commitment to invest in Italy and other countries throughout the region.
"We have deliberately built our European deal platform with a diverse team that can operate across multiple local languages and cultures. Italy is a formidable market where having those capabilities is a difference maker," said Samson. "With the leadership of Filippo Rossi and Fernando Goni, our team has built strong local relationships and has deep experience partnering with Italian founders, families and management teams to support the development and international expansion of their businesses."
Platinum Equity's current portfolio also includes Fantini Group (Ortona, Italy), a producer and exporter of specialty-label wines, and Fratelli Polli (Monsummano Terme, PT, Italy), a producer of pasta sauces, condiments and vegetable preserves. Both remain active Platinum Equity investments.
Lazard, Clearwater, UniCredit, New Deal Advisors, EY Tax and PWC Tax are serving as advisors to Platinum Equity. Ropes & Gray is serving as legal counsel. BCG is serving as strategic advisor to De Wave.
