Californian investment firm, Platinum Equity, is set to sell De Wave Group to Italian counterpart Renaissance Partners, in a deal valued at around EUR400m ($465m), according to a source close to the matter.

Platinum, the Beverly Hills-based firm founded by U.S. billionaire Thomas?Gores (owner of the NBA’s Detroit Pistons), acquired Genoa-based De Wave in 2019.

According to its website, Platinum?expanded De Wave’s?business by acquisitions. It bought Tecnavi Finland, Mobil-Line and FCR Finland in 2022. De Wave manufactures maritime interiors such as?cabins or bathroom units, or onboard cater systems.

De Wave, a company founded in 2014, had revenues of EUR 400 million last year, according to the source.

According to a source, the management of 'Wave is expected to invest the 'proceeds of the transaction in 'the company.

(source: Reuters)