By
Rebecca Gibson |
International investor 3i Group plc (3i) is to become the majority shareholder for Baltic ferry operator Scandlines after buying out former co-owner Allianz Capital Partners (ACP) in a €165 million deal.
Following the transaction, which is expected to take place before the end of 2013, 3i and its subsidiaries will gain ACP’s 49% stake of Scandlines.
“Scandlines is a successful and profitable business that we’ve got to know well during the past six years,” said Peter Wirtz, 3i partner and managing director in Germany. “We’re pleased to be investing further to support the management in executing the company’s future plans and to benefit from the company’s growth prospects.”
3i and ACP each acquired 40% shares of the former state-owned German-Danish line in June 2007 and subsequently acquired German investor Deutsche Seereederei’s 20% stake in 2010.
Over the last six years, 3i and ACP has strengthened Scandlines’ management team, introduced operational improvement programmes and placed an increased focus on the customer experience, as well as yield management.
In 2011, the company sold its long-distance freight routes to Stena Line to focus on improving its short sea ferry services, which operate between Denmark and Germany, as well as Denmark and southern Sweden.
“ACP and 3i have actively accompanied the development of our business and played a key role in the success and growth of our company over the last six years,” said Søren Poulsgaard Jensen, CEO of Scandlines. “We look forward to building on this progress and securing a market-leading position under the new 100% ownership of 3i.”
Recently, Scandlines contracted STX Finland to build two new double-ended ferries to provide increased capacity on the route between the German port of Rostock and Gedser in Denmark. Due for delivery in spring 2015, the ferries will operate on liquefied natural gas, which will reduce the vessels’ nitrogen, carbon dioxide, sulphur and particulates emissions.
Scandlines is also set to invest in exhaust-gas scrubbers and batteries for four smaller ferries operating on the Puttgarden-Rodby route.