Overview

Scandlines is a market leading European ferry operator between Denmark and Germany connecting Scandinavia with Continental Europe. The company was established in 1998 by a merger of the largest national ferry companies in Denmark and Germany and operates high frequency, short distance ferry operations for both passenger and freight customers. Scandlines’ traffic machine is fully integrated with the road infrastructure, providing a critical transport link between Denmark and Germany.

Scandlines’ eight ferries specialise in rapid, reliable and comfortable transportation, with more than 42,000 departures annually. Its activities also include catering services, together with retail sales of goods in on-board and on-shore shops and restaurants. We initially acquired a 40% stake in Scandlines in 2007, bought a further 10% stake from Deutsche Seerederei in 2010 and acquired the remaining 50% from Allianz Capital Partners in November 2013. We sold our investment in Scandlines in March 2018 for a total equity value of €1.7bn, achieving 7.0x Money Multiple on exit.

Highlights

• Transformed Scandlines from a state-owned business into a ‘best in class’ ferry operator
• Sale of the Baltic and Helsingor-Helsingborg routes to focus the business on two traffic machine routes linking Germany and Denmark
• Built two new ferries for the Rostock-Gedser route, providing increased capacity and frequency of crossings
• Invested c€365 million in green technology, new ferries and the upgrading of its port facilities to establish itself as a truly sustainable and reliable traffic machine
• Drove sales growth in its core vehicle-transportation business and transformed its border shops
• Led and supported several successful landmark financings for Scandlines, most recently the €1bn infrastructure refinancing based on an investment grade rating by Fitch (BBB)

Regulatory information 
This transaction involved a recommendation of 3i Investments plc, advised by 3i Germany.