DUBAI – DP World has acquired 100 percent of the Unifeeder Group (“Unifeeder”) for €660 million from Nordic Capital Fund VIII and certain minority shareholders.
Based in Aarhus (Denmark), Unifeeder operates the largest and most densely connected common user container feeder and an important and growing shortsea network in Europe, serving both deep-sea container hubs and the intra-Europe container freight market. The Group reported revenue of €510 million in 2017 and EBIT margins in line with other asset-light logistics operators.
The acquisition is subject to regulatory approvals and expected to be earnings accretive in the first full year after completion. It will be financed from existing balance sheet resources and is expected to close in 4Q 2018.
Unifeeder, founded in 1977, is an integrated logistics company with a growing shortsea network in Northern Europe connected to approximately 100 ports. The company provides efficient and sustainable transport solutions for international container shipping lines between international and regional ports and shortsea services to cargo owners with fully multimodal door-to-door solutions, combining seaborne transportation with road and/or rail. The business is cash generative and operates on a highly flexible cost base
“We are excited to join the DP World Group as we believe that Unifeeder will benefit from the Group’s significant expertise in the wider supply chain and excellent relationships with shipping lines and end cargo owners,” said Jesper Kristensen, Unifeeder’s CEO. “Not only is there commonality with our business models but we also share the vision of serving our customers through removing inefficiencies and delivering sustainable shareholder value. We have enjoyed great success over the last five years under Nordic Capital’s ownership, and we believe that the Unifeeder brand within the DP World Group has the opportunity to accelerate growth, expand further and take the business to the next level.”