Aberdeen doubles money on shipping exit(3)

The private equity business of Aberdeen Asset Managers has doubled its money on the exit of shipping business RMS Europe Group.

Aberdeen Asset Managers Growth Capital has sold shipping and cargo handling business RMS Europe Group, delivering a return of more than two times the original investment, for £21 million.

Aberdeen originally led the management buyout of the business in July 2004. The firm later appointed Mike Fell, a former director of Associated British Ports and a ports industry veteran, as chairman. Aberdeen also backed RMS’ acquisition of Freshney Cargo Services in February 2006.

The private equity business of Aberdeen Asset Managers comprises a growth capital segment and a buyout segment which together have more than £250 million under management.

The parent company is listed on the London Stock Exchange and manages nearly £90 billion of assets.