Deutsche AM Buys Stake in RR’s Towage Business
- Business & Finance
Deutsche Asset Management (Deutsche AM) is to acquire a stake in a Rimorchiatori Riuniti (RR) business as part of their partnership deal in harbour towage business.
The partnership, which aims to expand towage operations in Italy and the Mediterranean, would see Pan European Infrastructure II L.P. (PEIF II), managed by Deutsche AM’s infrastructure business, acquire a 35 percent stake in Rimorchiatori Mediterranei (RM), with RR retaining the remaining 65 percent.
Rimorchiatori Mediterranei operates a fleet of more than 100 tugs and other units in the harbour towage sector, and holds long-term concessions under a solid regulatory framework in various major Italian and Maltese ports.
RR has selected the infrastructure investment manager Deutsche AM as a long-term partner to support RM’s growth ambitions in the harbour towage sector, through organic growth and external acquisition opportunities.
“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,” Gregorio Gavarone, Chief Executive Officer of RR and Chairman of RM, said.
“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,” Hamish Mackenzie, Head of Infrastructure at Deutsche AM, added.