Deutsche Asset Management and Rimorchiatori Riuniti S.p.A.
partner in Italian harbour towage business

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 percent stake in Rimorchiatori Mediterranei S.p.A. (RM), with RR retaining the remaining 65 percent.

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 euros.

Rimorchiatori Mediterranei SPA

SHAREHOLDING

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“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.
He added, “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.”

“We are delighted to invest alongside RR in a leading harbour towage group and were impressed by the drive, commitment and successful track record of RM’s leading shareholders and management. We see significant growth opportunities for the business, which is committed to become number one player in the Mediterranean, and look forward to working with RR to support their growth ambitions” said Hamish Mackenzie, Head of Infrastructure at Deutsche AM.
He added, “We are very proud of the investment which aligns perfectly with our investment strategy. It represents our second in Italy and the fourth investment for PEIF II.”

OVERVIEW ON DEUTSCHE ASSET MANAGEMENT

Deutsche Asset Management’s infrastructure investment business has been investing in infrastructure assets since 1992. The global platform – which provides client solutions covering private equity infrastructure, listed infrastructure and infrastructure debt – gives investors access to such economic sectors as transportation, utilities, telecommunications, and other service sectors critical to the basic functioning of local and global economies. As part of the Alternatives platform, this infrastructure business has €18.4 / $21.8 billion in assets under management, 21+ years direct infrastructure experience and 49 infrastructure investment professionals (as at September 30, 2017).

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