Onex Elefsis Acuires Elefsina Shipyards

Greece-based Onex Elefsis Shipyards announced that it will allocate up to $400 million, over a 15-year period, to purchase and finance the operation of the Elefsina Shipyards, west of Piraeus.

The Greek shipyard said that the US investment firm Chatsworth Securities has agreed with it to make an investment, as part of efforts to save the complex from bankruptcy.

Onex Elefsis will acquire the second biggest Shipyard in Greece, through Greek Bankruptcy Law and rehabilitation plan that is expected to be approved by the Greek Courts within 3-6 months.

Also, the Company is working on alternatives with the Greek Government and Creditors to re-start the Shipyard as successfully another company of the ONEX Group did in the case of Neorion Syros Shipyards.

The whole deal will exceed the $400 million within the next 15 years. This is the biggest turnaround in the history of Greek Shipyards and one of the biggest in European history.

Chatsworth, which deals exclusively with institutions and family offices, has risen over $3 billion of capital in IPOs, secondary offerings, corporate capital raises and for a variety of traditional and alternative asset management firms.

Ralph Di Fiore, Managing Partner and one of the four founders of Chatsworth commented: “This is a very important cooperation for our Group. By joining ONEX Elefsis Shipyards, LLC with an economic stake in the Company our commitment its success is paramount."