Platinum Equity to sell De Wave

Platinum Equity said on Tuesday it signed a definitive agreement to sell De Wave Group, the Italian marine-interiors supplier it bought in October 2019. The buyer was not named and financial terms were not disclosed. Platinum said De Wave, which serves the cruise and yacht industries, more than doubled revenue and EBITDA during its ownership and surpassed a backlog of more than €1 billion. The firm said the transaction is expected to close by the end of 2026, subject to customary regulatory approvals. ### Who is De Wave, and what exactly is Platinum selling? De Wave Group is a Genoa, Italy-based provider of integrated marine interior and technical systems solutions for cruise ships and yachts, according to Platinum Equity and the company’s portfolio page. Its work spans cabins, bathroom units, galley catering systems and public areas, and it also provides upgrade, maintenance and spare-parts services across the vessel lifecycle. (prnewswire.com) Platinum’s portfolio page says De Wave operates five facilities in Italy, Poland, Singapore and the United States, with vertically integrated production lines. The firm acquired De Wave in October 2019 from Xenon Private Equity, calling it Platinum’s first investment in Italy at the time. ### What did Platinum say changed under its ownership? (prnewswire.com) Platinum said De Wave completed a “multi-year transformation” during its ownership, though it did not disclose annual revenue, EBITDA or valuation figures in Tuesday’s release. The firm said the company more than doubled both revenue and EBITDA and exceeded a backlog of €1 billion. (platinumequity.com) Louis Samson, a Platinum Equity partner, said in the release that De Wave “has evolved into a stronger, more diversified business” during the firm’s ownership. Platinum also said the transaction reflects its commitment to investing and operating in Italy. ### How did De Wave expand during the holding period? (prnewswire.com) Platinum’s portfolio page says De Wave added Tecnavi in March 2022, FCR Finland in April 2022 and Mobil-Line in June 2022. Those deals expanded the group after the initial 2019 acquisition and came during a period when Platinum says the business was being repositioned. Fineurop SODITIC, which advised on the 2019 sale, said De Wave’s market position had been built through a consolidation strategy started in 2015 under Xenon Private Equity. (prnewswire.com) That history suggests Platinum inherited a platform that had already been assembled through prior acquisitions before adding further assets of its own. (platinumequity.com) ### Is the buyer known? Pambianco News reported in July that Italian private equity firm Renaissance Partners was in advanced talks to acquire De Wave Group. Platinum’s September 8 statement did not identify a buyer, and Reuters could not independently confirm whether Renaissance is the counterparty to the signed agreement. (fineuropsoditic.com) The PR Newswire release said only that Platinum had signed a definitive agreement to sell the company. Yahoo Finance, which carried the release, repeated that no financial terms were disclosed. ### What are the concrete facts investors and lenders can verify now? The clearest disclosed operating marker is the backlog figure. (design.pambianconews.com) Platinum said De Wave surpassed €1 billion of backlog during its ownership, but the release did not break out how much of that backlog is tied to cruise newbuilds, refits, yachts or after-sales work. (uk.finance.yahoo.com) The other verifiable facts are the timing and footprint. Platinum bought De Wave in October 2019, De Wave now lists operations across four countries, and the sale signed on September 8 is expected to close by the end of 2026. ### What happens next before the deal is completed? The September 8 agreement still requires customary regulatory approvals before closing, Platinum said. (prnewswire.com) The firm said it expects the transaction to close by the end of 2026. Any further disclosure is likely to come from Platinum Equity, De Wave or a named buyer if one is announced. (platinumequity.com) For now, the public record consists of Platinum’s sale announcement, its portfolio disclosures on De Wave’s facilities and acquisitions, and prior reporting that Renaissance Partners had been in talks earlier this year. (prnewswire.com)