Davidson Kempner, One33 and Setramar Group sign an agreement to develop Ravenna terminals and to launch a port infrastructure dedicated platform

The Poggiali and Brichetti families, as founding partners of Setramar Group, alongside Davidson Kempner and One33, have agreed to a restructuring plan for the Group. The transaction strengthens the financial position of the Group’s port division, allowing it to seize new opportunities in the terminal sector and, more broadly, in the maritime economy in both Italy and the Mediterranean.

Ravenna, Milan, 24 November 2023 – Davidson Kempner Capital Management LP (“Davidson Kempner”), a global investment management firm, One33, its operating partner for Italy, and Setramar Group’s shareholders, the main terminal operator and leader in “dry and bulk” and logistics sectors, have reached an agreement that will result in Davidson Kempner indirectly holding a 70% stake in the Group’s port division.

The agreement was reached jointly with Setramar Group’s current shareholders, who will hold 30% of Setramar Group’s port division capital at the end of the restructuring process. As a result of the transaction, Setramar Group’s port division will strengthen the development of its business by leveraging its industrial footprint and skills that have made it a leading player in terminal and logistics service.

The partnership between Setramar Group’s shareholders and Davidson Kempner opens up a new chapter for the Group while also confirming the key role of the Ravenna port in the Upper Adriatic area.

The company will now be able to focus on its growth strategy in the Ravenna port, as well as at the national level, with a view to creating an integrated platform in the Italian maritime economy.

“We are truly pleased to have partnered with an international investment management firm like Davidson Kempner, who understands Setramar Group’s value and potential,” said Niccolò Poggiali, CEO at Setramar Group. “With this new framework, we strongly believe that both our knowledge of the industry and of local business environment will drive further development of the Group’s logistics division, while benefiting the whole region. The agreement will also boost the entire industry by strengthening the supply and distribution chain of the national industrial system.”

Davidson Kempner and One33 were assisted by Linklaters for legal and tax matters, by KPMG for financial and tax due diligence, and by Oliver Wyman as strategic advisor; Dentons and Studio Commercialisti Modena & Partners acted as legal and financial advisors to the founding partners and Setramar Group, respectively.