Icelandic reefer container shipping company Eimskip has acquired an 80% stake in Belgian logistics service provider Mareco for EUR16.6m ($17.8m).
Mareco mainly focuses on reefer logistics services, especially export to West, Central and South Africa from all over the world. The current management team of Mareco will continue to own a 20% share in the company and will manage its operations.
Eimskip has sealed an agreement with Íslandsbanki for a revolving credit facility of EUR 47m with a term of 18 months. The company has drawn EUR7m on the credit facility for the acquisition deal.
“We are pleased to have Mareco as a part of the Eimskip group and the company will further strengthen our reefer logistics services with a wider scope of Eimskip’s services, both in terms of new commodities and new geographical areas. This will also increase our diversification and the valuable experience of Mareco’s management and employees will help us to further strengthen our worldwide forwarding operation,” said Gylfi Sigfússon, president and ceo of Eimskip.
In November 2016, Eimskip acquired Norwegian shipping and logistics company Nor Lines for EUR15m.