Waterland exits FleetPro to management

Waterland stated that the formation of FleetPro occurred during its holding period. It acquired River Advice in 2010 and supported the acquisition of International Shipping Partners in 2012. The bolt-on resulted in the formation of FleetPro.

The GP already carved out a FleetPro subsidiary last month, when it sold FleetPro Leisure to a group of Danish investors.

Previous funding
In December 2012, Waterland Private Equity backed the merger of River Advice and International Shipping Partners by taking a majority stake in newco FleetPro. The group combined River Advice's 35 river cruise vessels under management with International Shipping Partners' 20 ocean cruise ships.

Company
Fleetpro provides services for both ocean-going and river-going passenger vessels, including planning, financing and supervision of new-builds, and the refurbishment of existing vessels. Its headquarters are in Zug, with further operations in Basel (River Advice) and Miami (International Shipping Partners). The group employs 1,500 staff and runs 44 vessels for 15 customers.

People
Jörg Dreisow is managing partner at Waterland. Robert Straubhaar is the CEO of FleetPro.

Advisers
Vendor – Bär & Karrer, Luca Jagmetti (Legal).

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