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7x money multiple
Portfolio Scandlines
Scandlines NEW

Transformed from a state-owned business to a ‘best in class’ ferry operator connecting Scandinavia with continental Europe

Denmark Flag New
Investment date

2007 - 2018

Good to great


money multiple
3I Money Multiple

Cargo volumes increased approx. 45% over investment period


equity value at exit
3I Revenue Regeration

Increased EBITDA by more than 60%

Transformed border shops with EBITDA margin contribution almost doubling to ~15%


departures annually
3I Target

Built one of the largest customer loyalty programmes in Denmark with +500k members

Key events under our ownership

Introduced Steve Ridgway as Chairman via our Business Leaders Network, bringing expertise in product innovation, customer service and sustainability
Disposed of non core routes to focus on the high frequency Denmark-Germany route delivering both cost savings and a revenue uplift
Built two new vessels for Rostock-Gedser route, providing increased capacity, higher frequency of crossings and a better customer experience
Invested c€365 million in green technology, new ferries and an upgrade of the port facilities establishing true sustainability and reliability
Led and supported several successful financings; tripled our original investment with the buyout of co-shareholders and achieved €1bn infrastructure refinancing based on an investment grade rating by Fitch