Platinum Equity Acquires Global Marine Contractor De Wave Group

Platinum Equity today announced the acquisition of De Wave Group from Xenon Private Equity. Financial terms were not disclosed.

Headquartered in Genoa, Italy, De Wave is a marine contractor that specializes in cruise ship interiors, providing both new build and refit services to ship builders and cruise operators.

“With more than 60 years in the maritime industry, De Wave is an experienced and highly respected partner to many of the world’s leading ship builders and operators,” said Platinum Equity Partner Louis Samson. “The company’s exceptional design, engineering and technical capabilities, combined with its high quality standards and global reach, have led to impressive long-term customer relationships and a strong track record of growth.”

De Wave operates five facilities in Italy, Poland, Singapore and the United States, with vertically integrated production lines that offer full control throughout the product development process.

“We have built a successful global business by consistently delivering well-designed, high-quality solutions to our marine customers,” said De Wave CEO Giovanni Battisa Bozzo. “I am confident that Platinum Equity is the right partner to help us achieve the next stage of growth and expansion.”

De Wave specializes in all aspects of ship interiors, including cabins, bathroom units, galley catering systems and public areas. The company also provides extensive upgrade, maintenance and spare parts capabilities, providing solutions for the full lifecycle of its customer’s vessels.

“The company’s position today is the result of a build-up operation started in 2015 by Xenon Private Equity that led in four years to the creation of a leader in its market,” said Franco Prestigiacomo, Managing Director of Xenon Private Equity. “It is with great satisfaction that we pass the baton to Platinum, which we are sure will be the ideal partner to pursue continued growth of the De Wave Group.”

Mr. Samson said Platinum Equity will support De Wave’s long-term ambitions for continued growth.

“We intend to further grow the business organically and through prospective acquisitions, with an emphasis on expanding the company’s product offering into areas of the supply chain or manufacturing process that can add more value for customers,” Mr. Samson added.

Platinum Equity’s acquisition of De Wave is the latest example of the firm’s increasing momentum in Europe. In June Platinum Equity acquired Spanish seafood provider Iberconsa. Last year Platinum Equity completed the $2.1 billion acquisition of Zug, Switzerland and Chesterbrook, PA-based blood glucose monitoring company LifeScan from Johnson & Johnson. The firm also acquired Wyndham’s European vacation rental business for $1.3 billion.

Brera Financial Advisory, Deloitte, E&Y Tax and Latham & Watkins served as advisors to Platinum Equity on the acquisition of De Wave. Fineurop Soditic and Pavia e Ansaldo Studio Legale served as advisors to Xenon Private Equity.
Source: Platinum Equity