The management team of the historic shipping company Premuda has announced the completion of a transaction management buy-out on the entire share capital of the company. Premuda specified that the operation was made possible also thanks to the significant strategic and financial position, which will continue to play the role of role of co-shareholder. After taking over the debts of the company, Pillarstone, which is the Italian subsidiary of the American KKR, had become the sole shareholder of Premuda ( of 6 July 2016 and 17 April 2017)

Leading the management buy-out operation is a team with a long experience in the sector composed of Marco Fiori, managing director of Premuda, and Enrico Barbieri, director financial company. The total value of the transaction has not been made public.

In a note, the shipowner stressed that "This important milestone marks the beginning of a new chapter for Premuda, which is approaching the milestone of 120 years of activities in 2027, and represents the natural evolution of a articulated relaunch process launched in 2017 by Pillarstone. After an initial stabilization phase - which included the delisting from the Milan Stock Exchange and a significant strengthening from a financial and managerial point of view - the company has launched a strategic path aimed at economic and financial rebalancing and progressive modernization of the fleet".

Premuda currently manages a fleet of 13 ships (four dry cargo and nine tankers), to which they will be added by the end of the year two new product tanker vessels, eco-design, further strengthening the company's competitive positioning in the market international.

"For me and for the whole management team - he highlighted Marco Fiori - it is a source of great pride to be able to continue this path alongside Pillarstone. After six years of intense collaboration, we can say with conviction that Premuda has changed its face: the international reputation of the brand, now more solid than ever, is a concrete testimony of this. Relationships strategic strategies, both commercial and financial, allow us to look forward to future challenges with confidence, in a global context complex, characterized by geopolitical instability, regulatory developments and a growing focus on sustainability environmental ».

"That of Premuda - said the administrator delegate of Pillarstone, Gaudenzio Bonaldo Gregori - is a of the most significant turnaround stories on the scene Italian industrialist of recent years. When we entered the capital, the situation was critical. We have chosen an approach combined with a strategy of consolidation, without just waiting for the market to recover, but intervening directly with an industrial turnaround plan, which has made it possible to generate an important recovery of value for everyone the stakeholders involved. Despite the difficulties, including the pandemic period, Premuda is now a reality solid, ready to write a new page in its long history. We are proud of the path we have taken together and look forward to accompany management in the next growth objectives".