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3i agrees to buy out Scandlines co-owner Allianz Capital in €165m deal

5 Nov 2013

scandlinesUK-headquartered private equity firm 3i has agreed to buy the remaining 49 per cent stake in Nordic ferry operator Scandlines from co-owner Allianz Capital in a €165m deal.

3i decided to strike the deal after the pair failed to find a buyer for Scandlines earlier this year, reportedly rejecting a bid from TPG Capital as it did not meet their valuation.

The private equity firms initially invested in Scandlines in June 2007, each acquiring 40 per cent of the shares. They subsequently acquired Deutsche Seereederei’s 20 per cent stake in 2010.

3i said it had successfully refinanced its current debt facilities into a new €875m package as part of the deal, which it said had been “well received” in the debt capital markets and provided a firm foundation for Scandlines’ future strategic objectives.

Over the past six years the pair have transformed Scandlines from a state-owned, diversified company to a focused, short sea route specialist.

3i partner and Germany managing director Peter Wirtz said, “Scandlines is a successful and profitable business that we’ve got to know well during the past six years.

“We’re pleased to be investing further to support the management in executing the company’s future plans and to benefit from the company’s growth prospects.”

Allianz managing director Jörg Spanier said, “We have been successfully invested in Scandlines for the last six years and have greatly enjoyed working with our partner 3i and the management team of Scandlines to reposition the company.

“Since the acquisition in 2007, Scandlines has been transformed from a complex state owned company with limited strategic focus into a modern and efficient ferry operator focused on the most profitable ‘traffic machine’ routes.

“The business is now well-positioned to maximise its potential and to continue to pursue its growth strategy.”

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