3i makes offer for Allianz Capital Partners' stake in Scandlines

12 Sep 2013

Allianz Capital Partners and 3i today announce that 3i has made an offer for Allianz Capital Partners’ stake in Scandlines, one of the largest ferry operators in Europe. Over the last six months the consortium has reviewed its options with regards to its investment in Scandlines.  As part of this process, a number of offers were received for the company, however both parties have now agreed to progress with the aforementioned transaction.  

“We have been invested in Scandlines for six years which is the usual average investment period for a Private Equity investor. Given the current positive M&A environment, we decided to consider our strategic options, which included a potential exit. Among other offers we have been approached by 3i and have started constructive talks with them,” says Jörg Spanier, Managing Director at Allianz Capital Partners. “From our perspective 3i is a logical buyer as they know the business well and this transaction will allow management to continue working with a trusted and well-known partner. Together with 3i, we  have transformed Scandlines into a modern and efficient ferry operator focused on running three efficient short distance traffic routes over the past six years.”

“Scandlines is a successful and profitable business and we are pleased to be investing further to benefit from the company’s growth prospects” says Peter Wirtz, 3i Partner and Managing Director Germany.  “Scandlines’ longer term potential is demonstrated by the company’s ground breaking green initiatives on the Puttgarden-Rødby route and the decision to build two new ferries for the Rostock-Gedser route; these will provide increased capacity and frequency of crossings, thereby increasing revenues.”

At the same time, the owners are jointly working on a refinancing of the existing debt facilities, which is progressing well.

No financial details are being disclosed.