In a statement issued by both parties, it was said the divestment of Seatruck Ferries would allow Denmark-based Clipper Group to devote all its financial and managerial resources to further strengthening its global dry cargo business.
CLdN adds that the Seatruck operation will continue to run under the Seatruck Ferries brand with the existing management team lead by Alistair Eagles.
The parties have agreed not to disclose the transaction price. The contemplated acquisition of Seatruck Ferries is subject to regulatory approval from the Irish competition authorities, expected before year-end.
Seatruck Ferries sports a fleet of 8 purpose-built vessels and the company transports close to 20% of the seaborne cargo volumes across the Irish Sea.
Commenting on the agreement, CLdN CEO Florent Maes said:
“We are delighted with the agreement, which is in line with our overall strategy of expanding current trades and developing new routes. Seatruck Ferries is an excellent company with a great route network and a strong business model. Seatruck will be a valuable addition to CLdN’s comprehensive route network and particularly adds to our presence in the UK and Irish markets. We look forward to welcome our new colleagues to the CLdN team and together develop new opportunities for the wider group.”
Clipper Group CEO Amrit Peter Kalsi added:
“Given the continued robust performance by Seatruck, we concluded that this was the right time to divest the company. Following a competitive process, we are very pleased to be handing over the baton to a strong, long-term, industrial owner as CLdN. We now look forward to focus 100% on our dry cargo core business. With a much stronger balance sheet, we are well positioned to proactively pursue market opportunities.”
CLdN was advised by Baker McKenzie. Clipper Group was advised by Moelis & Company and Gorrissen Federspiel.