Platinum Equity is preparing to sell Italian maritime interiors specialist De Wave Group to private equity firm Renaissance Partners in a transaction valued at approximately €400m ($465m), according to Private Equity Wire. The report referenced by Private Equity Wire says the information comes from an unnamed person familiar with the matter and describes the deal as a Platinum Equity exit from its investment in Genoa-based De Wave.
Proposed €400m transaction and buyer
The proposed buyer is Renaissance Partners, and the contemplated valuation for the transaction is approximately €400m ($465m), according to Private Equity Wire. The underlying report cited by Private Equity Wire is attributed to Reuters and references an unnamed person familiar with the matter.
Platinum’s ownership and build-up since 2019
Platinum Equity would exit its investment in De Wave following an acquisition of the firm in 2019, according to Private Equity Wire’s account of the Reuters report. Platinum Equity was founded by billionaire Tom Gores, who also owns the NBA’s Detroit Pistons, according to Private Equity Wire. Platinum pursued a buy-and-build strategy at De Wave, expanding the business through a series of acquisitions, the report says.
In 2022, De Wave added Tecnavi, FCR Finland and Mobil-Line to its portfolio, according to the same report.
De Wave business profile and scale
De Wave supplies interiors and related systems for the maritime sector, including yacht and cruise-ship cabins, bathroom modules and onboard catering facilities, according to the report. De Wave was established in 2014, the report says.
The unnamed source cited in the report said De Wave generated revenue of about €400m last year. The report also says the company employs approximately 1,400 people.
Management reinvestment expectation
As part of the proposed transaction, De Wave’s management team is expected to reinvest proceeds from the sale into the business, the unnamed person said in the report cited by Private Equity Wire.
