Dubai-based maritime systems and services provider, Elcome International, has acquired a controlling stake in the Italian navigation systems specialist, Fabio Fiorucci as part of a wider strategic plan to expand its portfolio across southern Europe.
Under the terms of the agreement, the Fiorucci family will retain a minority holding and continue to manage the company’s day-to-day operations. This collaboration is expected to enhance Elcome’s presence in the Mediterranean region, complementing its existing operations in Suez, Spain and Portugal.
Commenting on the acquisition, Elcome Managing Director, Jimmy Grewal, said: “With a strong track record in the cruise, container and naval sectors, Fabio Fiorucci gives us access to new market segments and a strong presence in the critical Italian maritime market. This investment also expands Fabio Fiorucci’s product portfolio to include maritime communication, charts, automation and safety systems.”
The acquisition is part of Elcome’s broader expansion strategy. In 2020, the Dubai-headquartered company inaugurated new offices in Seville, Spain, and in 2021, a new office in Algeciras was added. The following year saw the opening of an office in the Maldives and more recently the company has established a dedicated sales and service centre in Vancouver, Canada, marking the company’s first facility in North America.
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