Platinum Equity Acquires Global Marine Contractor De Wave Group

Platinum

LOS ANGELES (October 30, 2019) – Platinum Equity today announced the acquisition of De Wave Group from Xenon Private Equity. Financial terms were not disclosed.

Headquartered in Genoa, Italy, De Wave is a marine contractor that specializes in cruise ship interiors, providing both new build and refit services to ship builders and cruise operators.

“With more than 60 years in the maritime industry, De Wave is an experienced and highly respected partner to many of the world’s leading ship builders and operators,” said Platinum Equity Partner Louis Samson. “The company’s exceptional design, engineering and technical capabilities, combined with its high quality standards and global reach, have led to impressive long-term customer relationships and a strong track record of growth.”

De Wave operates five facilities in Italy, Poland, Singapore and the United States, with vertically integrated production lines that offer full control throughout the product development process.

“We have built a successful global business by consistently delivering well-designed, high-quality solutions to our marine customers,” said De Wave CEO Giovanni Battisa Bozzo. “I am confident that Platinum Equity is the right partner to help us achieve the next stage of growth and expansion.”

“With more than 60 years in the maritime industry, De Wave is an experienced and highly respected partner to many of the world’s leading ship builders and operators,” said Platinum Equity Partner Louis Samson. “The company’s exceptional design, engineering and technical capabilities, combined with its high quality standards and global reach, have led to impressive long-term customer relationships and a strong track record of growth.”

De Wave specializes in all aspects of ship interiors, including cabins, bathroom units, galley catering systems and public areas. The company also provides extensive upgrade, maintenance and spare parts capabilities, providing solutions for the full lifecycle of its customer’s vessels.

“The company’s position today is the result of a build-up operation started in 2015 by Xenon Private Equity that led in four years to the creation of a leader in its market,” said Franco Prestigiacomo, Managing Director of Xenon Private Equity. “It is with great satisfaction that we pass the baton to Platinum, which we are sure will be the ideal partner to pursue continued growth of the De Wave Group.”

Mr. Samson said Platinum Equity will support De Wave’s long-term ambitions for continued growth.

“We intend to further grow the business organically and through prospective acquisitions, with an emphasis on expanding the company’s product offering into areas of the supply chain or manufacturing process that can add more value for customers,” Mr. Samson added.

Platinum Equity’s acquisition of De Wave is the latest example of the firm’s increasing momentum in Europe. In June Platinum Equity acquired Spanish seafood provider Iberconsa. Last year Platinum Equity completed the $2.1 billion acquisition of Zug, Switzerland and Chesterbrook, PA-based blood glucose monitoring company LifeScan from Johnson & Johnson. The firm also acquired Wyndham’s European vacation rental business for $1.3 billion.

Brera Financial Advisory, Deloitte, E&Y Tax and Latham & Watkins served as advisors to Platinum Equity on the acquisition of De Wave. Fineurop Soditic and Pavia e Ansaldo Studio Legale served as advisors to Xenon Private Equity.

About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $19 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 25 years Platinum Equity has completed more than 250 acquisitions.

About Xenon Private Equity
Xenon has 30 years of experience in investing in lower mid-market export-oriented industrial businesses based in Italy now Xenon is managing its seventh fund with €300 million of commitments having asset under management for over € 600 million. Xenon is specialised in collaborating with the entrepreneurs in build-up projects (in 30 years more than 120 acquisitions have been completed), it is currently managing 10 portfolio company across different industries.

Contacts:

Dan Whelan, Platinum Equity
(310) 282-9202
dwhelan@platinumequity.com

Franco Prestigiacomo, Xenon Private Equity
Franco.Prestigiacomo@xenonpe.com

Ilaria Fadda, De Wave Group
ilaria.fadda@dewavegroup.com

Investor Relations
and Media Contacts:

Mark Barnhill
Partner
+1 310.228.9514 E-mail Mark

Dan Whelan
Principal
+1 310.282.9202 E-mail Dan

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Triton to sell Nordic Tankers to MOL Chemical Tankers

Triton

Copenhagen (Denmark) 08 January 2019– Funds advised by Triton (“Triton”) today announced the sale of Nordic Tankers A/S (“Nordic Tankers”) to MOL Chemical Tankers Pte. Ltd. (“MOLCT”), a wholly-owned subsidiary of Mitsui O.S.K. Lines, Ltd. (“MOL”), which is one of the largest shipping companies in the world and listed on the Tokyo Stock Exchange.

Nordic Tankers is a leading chemical tanker company, mainly operating in trade lanes in the Americas, trans-Atlantic and Europe. Triton acquired the company in 2012 and has since strengthened it through initiatives such as recruiting a new management team, investing in new vessels and participating in consolidation through the Crystal Nordic JV, which was sold separately last year.

“We would like to thank the management team, the employees and all other stakeholders for their contributions to Nordic Tankers’ development during Triton’s ownership. We view this as an appropriate time for a long term industrial owner to continue developing the company further” says Peder Prahl, Director of the General Partner to the Triton fund.

About Nordic Tankers
Nordic Tankers A/S is a leading chemical tanker company that transports specialized liquid products in bulk for large chemical producers and oil majors. Building on many years of industry experience, Nordic Tankers offer premium services in all designated core trade lanes. For more information, please visit www.nordictankers.com


About Triton

The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe, focusing on businesses in the Industrial, Business Services and Consumer/Health sectors.

Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 38 companies currently in Triton’s portfolio have combined sales of around € 13.1 billion and around 85,000 employees.

The Triton funds are advised by dedicated teams of professionals based in Germany, Sweden, Norway, Finland, Denmark, Italy, the United Kingdom, the United States, China, Luxembourg and Jersey.

For more information please visit: www.triton-partners.com

Press contacts:

Triton
Fredrik Hazén
Phone:  +46 709 483 810

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StormGeo acquires Nautisk – creates one-stop-shop for digital navigation and planning for the maritime industry

eqt

The quote “A little rain never hurt anybody” is not a wise recommendation. At least not if you ask EQT portfolio company StormGeo – the leading provider of weather intelligence and decision support for companies operating in tough climate conditions at sea and onshore. With the acquisition of Nautisk, a global leader within digital charts and publications, StormGeo takes an important step in becoming a one-stop-shop for digital navigation and planning for the modern maritime industry.  
In times of increasing climate change and extreme weather, the need for agile and foreseeable forecasting has never been greater. Headquartered in Bergen, Norway, StormGeo is a trusted partner for companies operating in challenging weather conditions within shipping, oil and gas, renewable energy, aviation, media and cross industries. The company’s diverse employee base, consisting of meteorologists, oceanographers and data scientists, provides tailored weather decision support and route guidance to over 9,000 ships and 1,300 offshore locations on a 24/7 basis, amongst other services.

The add-on of Nautisk is a strategic step in StormGeo’s mission to provide the most innovative and future-proof decision support solutions and services for weather-sensitive operations. With more than 100 years of industry experience, Nautisk offers state-of-the-art digital solutions for vessel navigation, including charts, voyage planning and a digital publication library. Nautisk complements StormGeo’s current maritime solutions and with the add-on, StormGeo will create a unified and complete onboard-to-onshore software platform for maritime navigation and planning.

Rikke Kjær Nielsen, Partner at EQT Partners and Investment Advisor to EQT Mid Market, comments: “The acquisition of Nautisk aligns well with StormGeo’s ambition of becoming the undisputed global leader within premier shipping services. With the combination of Nautisk, StormGeo further cements its position as an industry leader within digital solutions, enabling it to be a trusted partner to its customers on their digital journeys. EQT is excited to support the management team through the next phase of digital transformation”.

Since EQT Mid Market’s acquisition of StormGeo in April 2014, the company has expanded steadily and has grown to become a truly global champion within its sector. Following the acquisition of Nautisk, StormGeo will employ more than 400 employees from 27 offices, including six operations centers operating 24/7/365 supporting customers worldwide, across 15 countries.

During its ownership period, EQT has supported StormGeo in accelerating its digital transformation and strengthening its analytical offering. Actions include completing the strategic add-on acquisition and integration of Silicon Valley-based leader within ship routing and fleet performance, Applied Weather Technology (AWT), as well as launching “Advanced Fleet DSS”, a fleet performance software allowing customers to optimize their fuel consumption based on advanced analytics.

Moreover, StormGeo continues to invest substantially in future-proofing its portfolio to offer its customers state-of-the-art services through the research and development of next generation products within machine learning and advanced analytics.

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3i announces net proceeds of €347m from Scandlines transaction

3I

3i Group plc (“3i”) announces that 3i and funds managed by 3i (together Eurofund V) have sold their investment in Scandlines (“the Company”) for a total equity value of €1.7bn in a transaction with funds managed by First State Investments (“First State”) and Hermes Investment Management, two long-term infrastructure investors representing predominantly European pension funds.

The valuation of 3i’s 55% stake at 31 December 2017 was €744 million (£662 million); the transaction value is at an uplift of 27% to this value. 3i has separately agreed to reinvest into Scandlines at the same transaction value to become a 35% shareholder alongside First State (50.1%) and Hermes Investment Management (14.9%). Net cash proceeds to 3i following the reinvestment will be €347 million, and are expected to be received in the first quarter of FY2019.

Scandlines operates two short-distance, high-frequency ferry routes between Germany and Denmark which provide a critical transport link between Scandinavia and Germany and the rest of Continental Europe. The Company’s eight ferries provide efficient and reliable transportation services to the professional freight and private passenger markets, with more than 42,000 departures annually.

3i, and funds managed by 3i, initially acquired a 40% stake in Scandlines in 2007. They bought a further 10% stake from Deutsche Seerederei in 2010 and acquired the remaining 50% from Allianz Capital Partners in November 2013. Since 2007, 3i has supported Scandlines in its transformation from a state-owned business into a ‘best in class’ operator. To achieve this, Scandlines sold its Baltic and Helsingor-Helsingborg routes and focused the business on two routes linking Germany and Denmark. The transformation also involved investment in the Company to drive sales growth in its core vehicle-transportation business and transform its border shops. In addition, Scandlines invested in green technology and built two new ferries for the Rostock-Gedser route, providing increased capacity and frequency of crossings. Recently, the Company completed an €862 million infrastructure debt refinancing, which received an investment grade rating and substantially reduces its long-term cost of debt.

First State, Hermes Investment Management and 3i intend to support the further growth of Scandlines, including additional investment in green technology. As long-term investors, the three shareholders will continue to support management in the delivery of excellent customer service, safe operations and improving environmental efficiency.

Peter Wirtz, Partner 3i Germany, added:

“During our investment period, Scandlines has been transformed from a state-owned business into an important infrastructure asset securing the central transport corridors between Germany and Denmark. Between 2012 and 2016, the Company has invested c. €365 million in green technology, new ferries and the upgrading of its port facilities to establish itself as a truly sustainable and reliable traffic machine.

Scandlines has been a fantastic investment for us and our re-investment, alongside First State and Hermes Investment Management, into the business reflects our confidence in its continued success. The Company is cash generative and has delivered strong capital growth and income since our investment. We continue to see a robust future for Scandlines and are delighted to continue to invest in such a well-run and strongly performing Company.” 

Marcus Ayre, Partner Infrastructure Investments, First State, added:

“We are pleased to have reached an agreement to partner with Hermes Investment Management and 3i in Scandlines and look forward to working closely with the Scandlines management and employees. 

As long-term infrastructure investors, investing primarily on behalf of European pension funds, we are especially attracted to the integral transport nature of Scandlines. By providing a high-frequency, environmentally friendly, quality service, Scandlines acts as a critical link between the economies of Continental Europe and Scandinavia.”

Peter Hofbauer, Head of Infrastructure at Hermes Investment Management, added:

“Scandlines operates an essential transportation link between Denmark and Germany, and represents an excellent European investment for our portfolio. Our investment in Scandlines is expected to deliver long term stable cash flows, through its focus on excellent customer service, environmental efficiency and safe operations. We are a long-term investor focussed on responsible investment and delivering sustainable and attractive risk adjusted returns for our clients. We look forward to working alongside Scandlines’ high-quality management team, our partners First State and 3i, and local stakeholders, to support Scandlines’ continued success.”

Søren Poulsgaard Jensen CEO, Scandlines said:

“I have enjoyed working with 3i to transform the company and develop its growth potential, and I am looking forward to working with the new consortium. Scandlines is a fantastic company with dedicated employees; we will all benefit from this long-term investment.”

Rothschild acted as financial advisers to 3i and Scandlines on the transaction, which is subject to customary approvals. Deutsche Bank and Macquarie Capital acted as financial advisers to First State and Hermes Investment Management.

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Scanship delivers a strong third quarter

Scanship delivers a strong third quarter

Scanship Holding ASA released their operational update for Q3 2017 yesterday. The strong performance continues and the company reported revenues of NOK 60.3m (Q3 2016 NOK 48.4m) and a solid EBITDA of NOK 9.3m (Q3 2016 NOK 1.9m), representing a margin of 15.3% (up from 3.9% in the same quarter last year).

“The positive results we now see are evidence of our consistent and systematic approach to operational improvements in every part of our business”, says Henrik Badin, CEO of Scanship Holding ASA

Sales and revenues are also growing, reflecting increased demand in the market for advanced environmental technologies and solutions for cleaner oceans. Shipowners and yards involved in the international cruise industry continue to be the main customer segment, but the company has also recently experienced increased attention from other industries, such as fish farming.

Order backlog at the end of September was NOK 328 million. This does not include a contract with the yard STX France for delivery to the world’s largest cruise ship, Royal Caribbean’s fifth Oasis-class vessel. This was confirmed on 4 October and takes the backlog level back to approximately the same as at the end of the second quarter this year.

“As demand for our technology and solutions increases, we will continue our quest for profitable growth by delivering world-class environmental technologies and solutions”, says Henrik Badin.

Scanship is part of Reiten | CO

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