Bruce Barnard, Special Correspondent | Aug 31, 2012 12:17PM EDT
Denmark’s Unifeeder has acquired Rotterdam-based Feederlink Shipping from Irish Continental Group in a $36 million deal that accelerates the consolidation of northern Europe’s short sea shipping market.
Unifeeder said it expects to close on the acquisition in the fall, subject to regulatory approval.
The Aarhus-based company said the acquisition was driven by the need to achieve operational synergies, boost its competitive position and improve frequencies and port coverage across its pan-European network.
“We will continue to look for options to participate in the necessary consolidation of the feeder and short sea sector,” said Unifeeder CEO Jesper Kristensen.
Feederlink transported 135,000 20-foot-equivalent units on time-chartered ships on services between Rotterdam and U.K. east coast ports in 2011. Revenue totaled nearly $28 million last year.
Unifeeder generated more than $540 million of revenue in 2011 transporting containers to more than 35 ports in the U.K., north western Europe, the Nordic region, the Baltic Sea and Russia.
Unifeeder was acquired in a management buyout supported by the U.K.’s Montagu Private Equity in 2007.
Contact Bruce Barnard at brucebarnard47@hotmail.com.
