#Italy #Platinum Equity #Genoa #De Wave Group #Riccardo Pompili

Platinum Equity Sells De Wave Group After Transformational Success

Platinum Equity has officially signed a definitive agreement to divest De Wave Group, a leading provider of integrated marine interior and technical systems, dedicated to the cruise and yacht industries. This milestone comes on the heels of remarkable growth experienced under Platinum's guidance, wherein De Wave doubled its revenue and EBITDA, and significantly increased its backlog to over €1 billion. Financial details surrounding the sale remain undisclosed, with the transaction pending customary regulatory approvals expected to finalize by the end of 2026.

De Wave Group, headquartered in Genoa, Italy, offers a comprehensive suite of services that range from design and engineering to project management and after-sales support. The firm serves shipowners and shipyards throughout various stages of the vessel lifecycle, including new builds and retrofitting projects. These multifaceted capabilities have allowed the company to adapt and thrive, notwithstanding the unprecedented challenges faced during the COVID-19 pandemic, notably within the cruise sector.

When Platinum Equity acquired De Wave in October 2019, shortly before the pandemic struck, they foresaw potential within the company to emerge as a global leader in the marine interior sector. Throughout this turbulent period marked by travel restrictions and halted operations, Platinum Equity took decisive actions—appointing Riccardo Pompili as Group CEO and enhancing the executive leadership team through strategic hires and promotions. This move was crucial as De Wave navigated the financial repercussions of the pandemic, showcasing resilient leadership amidst adversity.

"When we invested in De Wave, we recognized the underlying technical strength and growth potential inherent in the company," stated Louis Samson, Co-President of Platinum Equity. He highlighted the pivotal role of Pompili and his team in guiding the firm through turbulent waters, maintaining operational effectiveness when the industry faced significant disruption.

The partnership between Platinum and De Wave exemplifies the kind of collaboration and synergistic efforts that yield fruitful results. Fernando Goni, Managing Director at Platinum Equity, praised the achievements made during this tumultuous time, emphasizing the focus on strengthening leadership and operational capabilities through disciplined project execution, innovative technology, and enhanced sourcing strategies.

Key achievements during Platinum's ownership include:

• - Doubling both revenue and EBITDA, reaching an impressive fiscal 2025 revenue exceeding €400 million and EBITDA surpassing €50 million.
• - Elevating Riccardo Pompili to Group CEO in response to the pandemic's challenges, thereby fortifying leadership dynamics.
• - Executing a series of strategic acquisitions that diversified and enhanced De Wave’s product lines and technical capabilities throughout regional markets.
• - Expanding the total backlog from approximately €500 million at the time of acquisition to more than €1 billion, providing substantial visibility across newbuild and refit operations.

Reflecting on this transformative journey, Riccardo Pompili expressed gratitude for the unwavering support from Platinum during challenging times. The resources afforded to De Wave enabled significant investments in future growth, strengthening international presence, and creating a more integrated operational platform capable of serving clients through various stages of vessel management.

Samson underscored the successful chapter in European investments that this transaction represents for Platinum Equity. He stated, "We've built a robust European deal platform designed to navigate diverse languages and cultures effectively. Our strong local relationships and extensive expertise uniquely position us for continued success in Italy and beyond."

As Platinum Equity moves forward, their portfolio remains significant, featuring other active investments, such as Fantini Group and Fratelli Polli, both key players in the Italian market.

In conclusion, the anticipated sale of De Wave Group illustrates a remarkable investment journey characterized by resilience, strategic foresight, and notable achievements, cementing both De Wave's and Platinum Equity's positions within the global marine and investment landscapes.

For further information about this transaction and insights into Platinum Equity’s approaches to investing and transforming businesses, visit their official website.