Investment group buys 70% of Setramar

News 15 Dec 2023 by WCN Editorial

The New York-based investment company Davidson Kempner (DK), along with its Italian partner One33, is to buy a majority shareholding in the Setramar terminal in the northern Adriatic port of Ravenna. Separately, Infracapital and InfraVia are exiting the Italian ports sector

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A deal was signed earlier this month between DK and the founding members of Gruppo Setramar, the Poggiali and Brichetti families, in which the latter have agreed to sell 70% of their shares. The price of the transaction has not been disclosed.

“We are truly happy to have reached an agreement with an international investor like Davidson Kempner, who understood the value and potential of the Setramar Group – said Nicolò Poggiali, CEO of the Setramar Group. “In this new context, we strongly believe that our knowledge of the industry and the local scenario will contribute to the further development of the Group’s logistics division, while at the same time creating value for the territory. The agreement will also give impetus to the entire sector, strengthening the supply and distribution chain of the national industrial system as a whole.”

The Setramar group was established in 1967 and has developed into a mini-conglomerate with activities in the port logistics, trading, energy, agrifood and real estate sectors. In Ravenna, it operates four multipurpose cargo handling facilities with a total berthing line of about 2km. Its handling capacity is about 7 Mtpa of cargo, which includes a diverse range of dry bulk,forestry products, general cargo and containers.

DK manages over US$36B of assets and employs over 500 staff across seven offices located in New York, Philadelphia, London, Dublin, Hong Kong, Shenzhen and Mumbai. Its direct investments are mainly in the shipping aviation, real estate and renewable energy sectors.

Elsewhere in Italy, Infracapital and InfraVia are exiting the Italian ports market and selling their holdings in Gruppo Investementi Portuali (GIP), which owns 38% of PSA Genova Pra’, PSA Sech, both in Genoa, and PSA Vecon in Venice. GIP also fully owns Terminal Darsena Toscana in Livorno and this facility is also up for sale.

It is understood that French insurance group AXA is favourite to but the GIP shares in the PSA terminals in Genoa and Porto Marghera, while Grimaldi Group has apparently offered to buy TDT Livorno. Earlier this year MSC withdrew its offer to buy TDT.