MML is delighted to support LV Overseas (“LVO”) in its acquisition of Seatram, an Italian freight forwarding leader headquartered in Genoa. Completed on 29 September 2026, the transaction expands LVO’s international network and strengthens its specialist freight capabilities.
Founded in 1986 by Luciano Bruzzo, Seatram generates approximately €100m in business volume, with sea freight accounting for 90% and air freight for 10%. It holds strong positions on export trade lanes from Europe to Australia, New Zealand, South Africa and Canada. Its complementary network extends LVO’s geographic reach, while its expertise in food and beverage, industrial projects and out-of-gauge cargo creates opportunities to broaden the group’s offering and create cross-selling opportunities. Seatram serves a diversified base of more than 2,000 customers, mostly industrial SMEs.
After 40 years at the helm of Seatram, founder Luciano Bruzzo is stepping down, with his son Luca Bruzzo continuing to lead the business. The acquisition of Seatram is financed through a combination of debt and additional equity provided by MML and BNP Paribas Développement.
Philippe Massot, CEO of LVO, commented:
“We share fundamental values with Seatram, including respect for employees, suppliers and, above all, customers — principles that are fully aligned with LVO’s strategy. The group continues to grow through opportunities such as the transaction we are pleased and honoured to complete today. This agreement marks a key milestone and will enable both businesses to continue their development, broadening the range of services and destinations we serve directly for existing and future customers.”
Luca Bruzzo, CEO of Seatram, added:
“This transaction represents a major strategic milestone for both groups, which will benefit from the many synergies identified. It will broaden the range of trade lanes and solutions available to customers and consolidate our leading position on our core routes. Seatram will continue to operate to the high quality standards that have always defined the business, drawing on LVO’s support and expertise to pursue new growth opportunities.”
Backed by MML since 2022, LVO has pursued an ambitious but highly selective buy-and-build strategy, combining international expansion with the development of expertise in geographic and sector niches.
LVO continues to demonstrate resilience in a challenging market environment, supported by its responsiveness, close customer relationships and specialist positioning. The group is targeting an EBITDA of more than €60m in 2026, with two further acquisitions expected before year-end and a substantial pipeline of opportunities for 2027.
Henry-Louis Mérieux, Managing Partner, and Antonin Kratiroff, Associate at MML Capital, said:
“The acquisition of Seatram, a family business well established in its markets, illustrates the ambitious and selective acquisition strategy we have supported since investing in LVO in 2022. We are delighted to provide the group with the resources to pursue opportunities such as this and continue building a leading international platform.”
The MML investment team comprised Henry-Louis Mérieux (Managing Partner – France) and Antonin Kratiroff (Associate).