Deutsche Asset Management (Deutsche AM) and Rimorchiatori Riuniti S.p.A. (RR) have announced a partnership in a harbour towage business in Italy and the Mediterranean. Pan European Infrastructure II L.P. (PEIF II), managed by Deutsche AM’s infrastructure business, has agreed to acquire a 35% stake in Rimorchiatori Mediterranei S.p.A. (RM), with RR retaining the remaining 65%.
RM is the leading player in the harbour towage sector in Italy, and number two in the Mediterranean, holding long-term concessions under a solid regulatory framework in various major Italian and Maltese ports.
RM operates a modern fleet of more than 100 tugs and other units, equipped with advanced technology; in 2016 it generated revenues of around €110 million.
RR has selected Deutsche AM, a global infrastructure investment manager, as a long-term partner to support RM’s growth ambitions in the harbour towage sector. Deutsche AM brings to the partnership both financial backing and strong sector knowledge through its long-term experience in the port sector.
“It was not an easy decision to take a new partner on board with whom to continue the rapid growth phase that this group has undergone over the last ten years of towage services,” admits Gregorio Gavarone, Chief Executive Officer of RR and Chairman of RM.
“However, we are convinced that the future success of this business will very much depend on our capacity to build up large economies of scale, transparent standard processes and adequate investments to ensure an efficient service of the highest quality for our clients. Deutsche AM has, from the beginning, shared our vision and approached this in a very constructive manner. We are thrilled to join forces with a group that has such a solid background, strong international business relations and deep experience in service and infrastructure ventures,” he added.