DP World has signed an agreement to acquire Denmark-based port-related logistics solutions provider Unifeeder Group for €660m ($762.6m).
The acquisition from Nordic Capital Fund VIII and certain minority shareholders is subject to regulatory approvals.
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To be funded from DP World’s existing balance sheet resources, the deal is scheduled to be completed by the last quarter of this year.
Established in 1977, Unifeeder has a well-connected feeder and growing shortsea network in Northern Europe with connectivity to around 100 ports.
The company primarily serves the global container shipping lines with a portfolio of fully multimodal door-to-door solutions that combine seaborne transportation with road and/or rail.
DP World group chairman and CEO Ahmed Bin Sulayem said: “The ever-growing deployment of ultra-large container vessels has made high-quality connectivity from hub terminals crucial for our customers and Unifeeder is a best-in-class logistics provider in this space with a strong reputation in Europe.
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By GlobalData“Our aim is to leverage on the in-house expertise of Unifeeder and to accelerate growth in this scalable platform to deliver value for all stakeholders.
“Unifeeder operates on the same common-user principle as DP World and adds to the Group’s strong value proposition to international shipping lines and end cargo owners in making the global supply chain more efficient and cost-effective.”
DP World is also expected to expand its presence in the global supply chain and widen the company’s product offering.
Unifeeder Group CEO Jesper Kristensen said: “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.”
Unifeeder reported €510m ($590m) in revenue last year.
