PLATINUM EQUITY TO SELL DE WAVE GROUP FOLLOWING MULTI-YEAR TRANSFORMATION

Platinum Equity has announced the signing of a definitive agreement to sell De Wave Group, a prominent provider of integrated marine interior and technical systems solutions for the cruise and yacht industries. While the financial terms of the transaction remain undisclosed, the deal is subject to customary regulatory approvals and is anticipated to close by the end of 2026. This move highlights Platinum Equity's strategic focus on the marine sector and its commitment to enhancing operational capabilities within its portfolio.

De Wave Group, headquartered in Genoa, Italy, has established itself as a key player in the marine interiors market, offering comprehensive services that span the entire vessel lifecycle, including design, engineering, manufacturing, project management, and after-sales services. Under Platinum Equity's ownership, which began in October 2019, De Wave has experienced significant growth, more than doubling its revenue and EBITDA. The company has also expanded its backlog to over €1 billion, indicating strong demand for its services amid a recovering cruise industry.

The acquisition of De Wave occurred just before the onset of the COVID-19 pandemic, which severely impacted the cruise sector. Platinum Equity's proactive management during this challenging period was pivotal. The firm elevated Riccardo Pompili to Group CEO and made key leadership hires to strengthen the company's operational framework. This strategic decision enabled De Wave to navigate the pandemic's disruptions effectively and emerge as a more resilient and integrated business.

In addition to enhancing its leadership structure, De Wave undertook a series of strategic add-on acquisitions that broadened its product offerings and technical capabilities. The firm also focused on improving operational efficiencies, including pricing and margin discipline, project execution, and health and safety protocols. These initiatives have not only solidified De Wave's market position but also provided visibility into future revenue streams through its expanded backlog.

The sale of De Wave Group reflects broader trends within the marine and cruise industries, which are gradually recovering from the pandemic's effects. As operators resume sailings and newbuild projects gain momentum, companies like De Wave are well-positioned to capitalize on the resurgence in demand for marine interior solutions. Platinum Equity's successful investment in De Wave underscores the importance of strategic operational management and adaptability in navigating sector-specific challenges. Looking ahead, the transaction may signal increased investment interest in the marine sector as it continues to rebound, potentially leading to further consolidation and growth opportunities within the industry.