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 a report by Reuters.
The report cites an unnamed person familiar with the matter as highlighting that the proposed deal would see Platinum exit it’s investment in Genoa-based De Wave, after acquiring the firm in 2019.
Founded by billionaire Tom Gores, who also owns the NBA’s Detroit Pistons, Platinum has pursued a buy-and-build strategy at De Wave, expanding the business through a series of acquisitions.
In 2022, De Wave added Tecnavi, FCR Finland and Mobil-Line to its portfolio. The company supplies interiors and related systems for the maritime sector, including yacht and cruise-ship cabins, bathroom modules and onboard catering facilities.
De Wave was established in 2014 and generated revenue of about €400m last year, according to the source. The company employs approximately 1,400 people.
As part of the proposed transaction, De Wave’s management team is expected to reinvest proceeds from the sale into the business, the person said.
