Tim Hartnoll, the executive chairman of X-Press Feeders, part of the Sea Consortium group, has confirmed his family’s private equity business is in negotiations to invest in NVOCC TransLiner.
Splash reported earlier this week that X-Press Feeders was close to sealing the acquisition of TransLiner.
“The Hartnoll family private equity business, which has investments in various sectors including hotels, specialist investment funds, technology and energy, confirms that it is in discussions with TransLiner to invest in its business consistent with the family’s long history of involvement in the shipping industry,” Tim Harnoll, executive chairman of X-Press Feeders, announced on social media.
Hartnoll said that the existing management team of TransLiner will remain as shareholders and continue to run the business.
TransLiner, led by Ashok Pillay, has a network covering Southeast Asia, India, the UAE as well as West Africa.
X-Press Feeders is the world’s largest container feeder operator with a fleet of more than 110 vessels, including 43 fully owned.
X Press Feeders’ prided itself to be the only ‘independent’ common carrier feeder which truly is its USP. However this acquisition by its owners does put question mark on its ‘independent’ status. The owners have attempted to distance X Press Feeders brand from this acquisition, however social media post by Tim Hartnoll is liked by the who’s who of X Press Feeders 🙂 Interesting!!