Both firms declined to comment on the financial details of the transaction, but a source close to the matter said the price would be approximately €400 million, giving Montagu a return multiple that was “well over 2x”.
Unifeeder transports containers from European container hubs in Belgium, England, Germany, the Netherlands and Spain to more than 40 regional ports across the UK, Scandinavia, the Baltic States, Russia and North Africa.
Since Montagu acquired the business in 2007, Unifeeder has expanded into new markets such as the UK and the Western Mediterranean. Montagu also invested to improve Unifeeder’s logistical operations and management structures, according to a statement.
“We are delighted to have partnered with Unifeeder over the past six years and delivered a successful investment. We have continuously grown the business, despite tough market conditions at times, and expanded into strategically important new markets,” said Mads Hansen, director and head of the Nordic region at Montagu Private Equity.
We have continuously grown the business, despite tough market conditions at times, and expanded into strategically important new marketsype Quote Here
The acquisition of Unifeeder is the first investment from Nordic Capital Fund VIII, which reached a €1.7 billion first close in February. Nordic is expected to hold a €3 billion final close this summer, according to a close familiar with the matter. The firm declined to comment on fundraising.
Unifeeder is “an attractive platform for further organic and acquisitive growth” and “there is excellent expansion potential with both feeder and short sea business in current and new geographies”, Lars Terney, a partner at Nordic, said in the statement.
Montagu was advised by Canaccord Genuity, while Nordic was advised by Citigroup and Unicredit. The transaction remains subject to approval by competition authorities.