Nordic exits Unifeeder to DP World in €660m deal

The deal nets a 2x money multiple for Nordic Capital, Unquote understands. It marks the fourth exit from Nordic Capital Fund VIII in the last 12 months, following the sales of AniCura and Bambora to trade buyers, and the merger of Lindorff and Intrum Justitia.

Under Nordic Capital's five-year ownership, Unifeeder undertook an acquisitive and organic growth strategy, including a regional restructuring, the introduction of a new shared service centre and other operational changes.

Unifeeder will be integrated as a brand under the DP World umbrella, supporting the firm's strategy to grow in complementary sectors and strengthen its product offering. DP World has a portfolio of 78 operating marine and inland terminals supported by around 50 related businesses in 40 countries.

Jefferies acted as joint financial adviser to Unifeeder. The transaction will be financed from DP World's existing balance sheet and is expected to close in Q4 2018.

Previous funding
Montagu acquired Unifeeder from its founders in June 2007. The investor and management team will together wholly own the company. Montagu's main objective with the investment was to grow the business organically in an expanding market. 

Nordic Capital agreed to acquire the Danish logistics company from Montagu Private Equity in a transaction believed to be worth around €400m in April 2013. Nordic invested via its Fund VIII vehicle. According to Unquote sister publication Debtwire, UniCredit Bank and Danske Bank provided a €236m debt package to support the deal. Montagu reportedly reaped a 2x return on its investment.

Company
Founded in 1977 and headquartered in Aarhus, Denmark, Unifeeder transports containers from the large container hubs at Hamburg, Bremerhaven and Rotterdam to regional ports across the Nordic region, the Baltic states and Russia.

Its network spans around 100 ports in northern and western Europe, the Mediterranean – including North Africa and the Middle East – and the Black Sea. The company reported revenues of €510m in 2017 and employs a staff of 400 in 25 countries.

People
Nordic Capital – Lars Terney (partner).
Unifeeder – Jesper Kristensen (CEO).
DP World – Sultan Ahmed Bin Sulayem (CEO).

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