Platinum Equity agrees sale of De Wave to Renaissance Partners
De Wave, headquartered in Genoa, Italy, is described as a leading provider of integrated marine interior and technical systems for the cruise and yacht industries. The post Platinum Equity agrees sale of De Wave to Renaissance Partners appeared first on PE Hub .
Platinum Equity is set to sell Italian maritime interiors company De Wave Group to private equity firm Renaissance Partners for roughly €400m, according to Reuters. The deal, which would see Platinum exit its investment in the Genoa-based firm, was acquired by Platinum in 2019, as reported by an unnamed source.
Tom Gores, founder of Platinum, who also owns the NBA’s Detroit Pistons, has been actively expanding De Wave through acquisitions since the company's inception in 2014. In 2022, De Wave added Tecnavi, FCR Finland, and Mobil-Line to its portfolio, which includes yacht and cruise-ship cabins, bathroom modules, and onboard catering facilities.
Last year, De Wave generated revenue of around €400m and employs approximately 1,400 people. Under the proposed transaction, De Wave's management team is expected to reinvest the proceeds from the sale back into the business, according to the source.
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- Platinum Equity agrees €400m sale of De Wave to Renaissance Partners privateequitywire.co.uk
