CLdN Acquires Seatruck Ferries from Clipper Group
European RoRo ferry operator CLdN announced on Tuesday that it has entered into an agreement to acquire all shares in Seatruck Ferries Holding Ltd. from Clipper Group. The transaction price was not disclosed.
The deal is subject to regulatory approval from the Irish competition authorities, expected before year-end, CLdN said.
With eight vessels, Irish Sea operator Seatruck Ferries transports close to 20% of the region’s seaborne cargo volumes. After closing, the Seatruck operation will continue to run under the Seatruck Ferries brand with the existing management team lead by Alistair Eagles.
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 U.K. and Irish markets.”
For Denmark-based Clipper Group, the divestment allows it to devote all financial and managerial resources to further strengthening its global dry cargo business.
Clipper Group CEO Amrit Peter Kalsi said, “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.