Elcome acquired majority stake in Italy’s Fabio Fiorucci

Leading maritime systems and services provider Elcome International has acquired a controlling stake in Fabio Fiorucci s.r.l., the Italy-based navigation solutions provider, as part of a wider strategic plan to expand its portfolio across southern Europe.

Under the agreement, the Fiorucci family will retain a minority holding and continue to manage the company’s day-to-day operations. This collaboration will 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, the investment in Fabio Fiorucci gives us access to new market segments and a strong presence in the critical Italian maritime market. There are so many synergies between our companies. Both Elcome and Fabio Fiorucci have longstanding legacies in the industry. Both are family-owned, and both have established reputations for customer service and supplier loyalty.”

Founded more than 50 years ago, Fabio Fiorucci s.r.l., has established a reputation as one of the most valued system suppliers and integrators in the Italian maritime sector. Indeed, such is the company’s standing founder Fabio Fiorucci was awarded the Knight of Merit by the Italian Republic’s President and Prime Minister in 2014.

Since 1983, when it delivered its first IBS, the company has supplied and installed over 125 systems on most Italian-built cruise ships, commercial ships and military vessels.

“This investment expands Fabio Fiorucci’s product portfolio to include maritime communication, charts, automation, and safety systems,” said Mr Grewal.

Fabrizio Fiorucci, General Manager, Fabio Fiorucci, said: “We are delighted that Elcome has chosen to invest in our company. This acquisition will foster the growth of the company my father founded more than fifty years ago. It is a fantastic opportunity for our existing clients as it offers a much broader range of products and services, including Starlink. It also supports Elcome’s ambitions in the global cruise and naval sectors.”

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 year 2022 saw the opening of an office in the Maldives. And earlier this month, Elcome established a dedicated sales and service centre in Vancouver, Canada, marking the company’s first facility in North America.

These strategic office openings align with Elcome’s commitment to expanding its global reach and providing enhanced maritime systems and services to its clients across the world.