JBR advises Samskip on sale of UK & Ireland freight business to CLdN
Samskip has received regulatory approval for the sale of its UK and Ireland business to industry counterpart CLdN. The sale process was supported by M&A consultants from JBR.
The transaction covers Samskip’s container shipping services between Rotterdam in the Netherlands and ports in the UK and Ireland, including Belfast, Blyth, Grangemouth, Hull and Tilbury in the UK and the Irish ports of Cork, Dublin and Waterford. These lines currently carry out more than 1,000 port calls every year, transporting cargo for a broad customer base.
The deal also covers the door-to-door cargo services connecting the UK and Ireland with continental Europe, including the transfer of the lease agreements for more than 5,000 multimodal cargo units.
For Samskip, the divestment is part of its strategy to focus on longer-distance multimodal trades across mainland Europe, the Nordics, the Baltics, and North Africa. The deal was announced in February this year and has now received regulatory clearance.
“This transaction allow us to focus on the key strategic markets of the future, where we will continue to invest in our organization and further develop our longer-distance trades where we deliver the most value to our customers,” said Ólafur Orri Ólafsson, Chief Executive Officer of Samskip.
“At the same time, selling the UK and Ireland trades to a strong partner [CLdN] will secure the continuation of this trade and guarantee a high coverage for our customers in the respective markets.”
Samskip was advised during the deal process by JBR, which acted as exclusive M&A advisor. Commenting on the deal, JBR partner Rick ter Maat noted, “Congratulations to the teams at Samskip and CLdN on reaching this important milestone and thanks to all parties who contributed throughout this successful divestment process.”
Luxembourg-headquartered CLdN is one of Europe’s larger multimodal logistics and short-sea shipping companies. The company also operates roll-on/roll-off terminals in several European ports.
“CLdN has a long history of connecting mainland Europe with the UK and Irish markets, and this transaction is highly complementary to our existing shipping and multimodal activities. Customers will benefit from an even broader array of shipping options, increased sailing frequency and enhanced door-to-door equipment and services,” said Florent Maes, Chief Executive Officer of CLdN.
Both parties have agreed not to disclose financial details related to the transaction.
