Washington Quarter: 1977
DP World snaps up Unifeeder from Nordic Capital in $695m deal
Chief executive Jesper Kristensen says Unifeeder is changing horses with more strategic owner.
DP World has swept up Unifeeder from Danish investment company Nordic Capital in an EUR 600m ($695m) takeover. 1977 Usd Value Today
Unifeeder secures rare five-year charter deal Andersen takes Unifeeder chair with expansion in mind
The deal marks the fourth exit transaction by Nordic Capital in the past year. And it comes less than 12 months after former AP Moller-Maersk chief executive Nils Smedegaard Andersen took over as Unifeeder chairman with an eye on merger and acquisition activity.
Jesper Kristensen, chief executive of Uinfeeder, tells TradeWinds that the deal marks the second time in five years the company had been sold by a private equity company.
He describes this time frame as part of the natural private equity life cycle, adding: "We are changing horses, if you like, with the new [owner's] style more strategic".
This is thought to be DP World's first container shipowning venture. However, it is the owner of both P&O Ferries and P&O Ferrymaster.
Kristensen says Unifeeder is more of a logistics business than a shipping firm and is shielded from the typical maritime cycles.
When Andersen arrived as chairman last year Uinfeeder was vocal about its growth ambitions, including merger and acquisition activity.
"That strategy has not changed one millimeter," said Kristensen, explaining expansion both geographically and by supply chain could come organically or through acquisitions.
Sultan Ahmed Bin Sulayem, chairman and chief executive of DP World, said the move supported its strategy to grow in complementary sectors and play a wider role in the global supply chain as a trade enabler.
Nordic Capital has owned Unifeeder since 2013 and has grown to be one of the largest players in the sector thanks to increased volumes into commercial feeder markets and sustained high growth in its shortsea business.
1977 Usd Value Today ,” Sultan Bin Sulayem said.
“Our aim is to leverage on the in-house expertise of Unifeeder and to accelerate growth in this scalable platform to deliver value for all stakeholders.”
Nordic Capital Fund VIII has also divested AniCura and Bambora and merged Lindorff and Intrum Justitia in the past year.
Lars Terney, partner at the advisor to the Nordic Capital Funds, said in a statement: “We are pleased that DP World has recognised the continued strong growth potential in the company.
1977 Usd Value Today , which can now continue with a new strong owner in the form of DP World.”
Founded in 1977, Unifeeder today has 400 staff in 25 countries.
Its network spans more than 100 ports in Northern and Western Europe, the Mediterranean, including North Africa and the Middle East, and the Black Sea.
Unifeeder operates approximately 60 short-term chartered vessels, carrying around 3.2m TEUs and performing some 12,000 port calls annually.
Jefferies advised Unifeeder on the deal, with senior figures Daniel Frommelt, John Park, Fredrik Wraneus and Michael Magliana all involved.
Get the latest and most important news of the day – sign up for free to the TradeWinds Daily News Update
DP World snaps up Unifeeder from Nordic Capital in $695m deal
Chief executive Jesper Kristensen says Unifeeder is changing horses with more strategic owner.
1977 Usd Value Today
Unifeeder secures rare five-year charter deal Andersen takes Unifeeder chair with expansion in mind
The deal marks the fourth exit transaction by Nordic Capital in the past year. And it comes less than 12 months after former AP Moller-Maersk chief executive Nils Smedegaard Andersen took over as Unifeeder chairman with an eye on merger and acquisition activity.
Jesper Kristensen, chief executive of Uinfeeder, tells TradeWinds that the deal marks the second time in five years the company had been sold by a private equity company.
He describes this time frame as part of the natural private equity life cycle, adding: "We are changing horses, if you like, with the new [owner's] style more strategic".
This is thought to be DP World's first container shipowning venture. However, it is the owner of both P&O Ferries and P&O Ferrymaster.
Kristensen says Unifeeder is more of a logistics business than a shipping firm and is shielded from the typical maritime cycles.
When Andersen arrived as chairman last year Uinfeeder was vocal about its growth ambitions, including merger and acquisition activity.
"That strategy has not changed one millimeter," said Kristensen, explaining expansion both geographically and by supply chain could come organically or through acquisitions.
Sultan Ahmed Bin Sulayem, chairman and chief executive of DP World, said the move supported its strategy to grow in complementary sectors and play a wider role in the global supply chain as a trade enabler.
Nordic Capital has owned Unifeeder since 2013 and has grown to be one of the largest players in the sector thanks to increased volumes into commercial feeder markets and sustained high growth in its shortsea business.
“The ever-growing deployment of ultra-large container vessels has made high-quality connectivity from hub terminals crucial for our customers and Unifeeder is a best-in-class logistics provider in this space with a strong reputation in Europe,” Sultan Bin Sulayem said.
“Our aim is to leverage on the in-house expertise of Unifeeder and to accelerate growth in this scalable platform to deliver value for all stakeholders.”
Nordic Capital Fund VIII has also divested AniCura and Bambora and merged Lindorff and Intrum Justitia in the past year.
Lars Terney, partner at the advisor to the Nordic Capital Funds, said in a statement: “We are pleased that DP World has recognised the continued strong growth potential in the company.
“Nordic Capital would like to recognise the excellent partnership forged with management and the board of directors in making Unifeeder’s journey a clear success story, which can now continue with a new strong owner in the form of DP World.”
Founded in 1977, Unifeeder today has 400 staff in 25 countries.
Its network spans more than 100 ports in Northern and Western Europe, the Mediterranean, including North Africa and the Middle East, and the Black Sea.
Unifeeder operates approximately 60 short-term chartered vessels, carrying around 3.2m TEUs and performing some 12,000 port calls annually.
Jefferies advised Unifeeder on the deal, with senior figures Daniel Frommelt, John Park, Fredrik Wraneus and Michael Magliana all involved.
0 Reviews:
Post Your Review