MSC Mediterranean Shipping Company SA announced that it is acquiring Italian towage firm Rimorchiatori Mediterranei for an undisclosed amount.
MSC will make the acquisition through its wholly-owned subsidiary SAS Shipping Agencies Services Sàrl.
"MSC has agreed to acquire 100% of the share capital of Rimorchiatori Mediterranei S.p.A., an international leading towage operator active in Italy, Malta, Singapore, Malaysia, Norway, Greece and Colombia," the announcement said, noting that the firm will be bought put from Rimorchiatori Riuniti and a fund managed by DWS' Infrastructure Investment business.
The shipping line — founded in Naples, Italy and now headquartered in Geneva, Switzerland — said with this transaction, MSC continues to confirm its willingness to improve further towage service efficiency across all of Rimorchiatori Mediterranei's operations.
It added that completion remains subject to the receipt of approvals, including from the relevant competition authorities, and deal terms are not disclosed.
“We are very pleased to be able to become part of the exciting next phase for growth and improvement at Rimorchiatori Mediterranei and we look forward to continuing to expand the business, building on the impressive work of the families that developed the company these past 100 years,” said Diego Aponte, MSC Group president.
Gregorio Gavarone, executive president of Rimorchiatori Riuniti, noted how Rimorchiatori Riuniti, together with DWS, built Rimorchiatori Mediterranei in the past few years to become a leading towage company.
"Thanks to its global network in shipping and port operations, we think MSC is going to be the ideal investor to accompany Rimorchiatori Mediterranei towards its next growth chapter," Gavarone said.
Hamish Mackenzie, head of infrastructure at DWS, for his part, said the evolution of Rimorchiatori Mediterranei has been a big success story for DWS.
"We are grateful for the strategic partnership we developed with Rimorchiatori Riuniti and its shareholders, and we are proud to have supported our industrial partner in managing and growing Rimorchiatori Mediterranei to become one of the global leaders in the harbour towage sector," Mackenzie said.
"With MSC, Rimorchiatori Mediterranei has found a partner which shares their drive and ambition for continued growth, and we are confident both parties will continue to deliver the full potential of Rimorchiatori Mediterranei."
MSC said UniCredit acted as a financial advisor, KPMG as accounting and tax due diligence advisor and Chiomenti as legal advisor to MSC, whilst Lazard acted as financial advisor together with Pedersoli and Legance as legal advisors to Rimorchiatori Riuniti and DWS.
