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Inchcape eyes further growth after Epiris takeover

Maritime services provider Inchcape Shipping Services (ISS) is looking to further expand its business following a takeover by UK-based private equity investment firm Epiris.

Inchcape’s CEO, Frank Olsen, said the transaction, which follows a sale process by Inchcape’s former Dubai-based owners, Istithmar, will bolster its core port agency business as well as expand the digitalisation of its services as the company pursues industry consolidation through complementary acquisitions. No price for the acquisition has been revealed.

“Epiris is now making a transformational investment in our successful business that will establish a new platform for customer-focused growth and enable us to take our marine services and digital solutions to the next level as we transition into the future,” Olsen said.

The takeover by London-headquartered Epiris returns Inchcape to its British roots after it was originally founded in 1847 by Scottish merchants William Mackinnon and Robert Mackenzie, before being renamed in the last century under the erstwhile ownership of the Inchcape family from Scotland.

“This investment by Epiris represents a rejuvenation of the company, enabling us to build on our solid business foundation, accelerate benefit realisation and unlock significant upside potential.

“Inchcape can now move forward with the deployment of capital to realise its strategic goal of becoming an aggregated platform in the maritime services industry and thereby accelerate the realisation of benefits for our customers,” Olsen asserted.

Olsen highlighted that digitalisation and decarbonisation will be at the core of the company’s future growth strategy and that the new owner is firmly supportive of Inchcape’s current management team as well as its global workforce of professionals and dedicated personnel at over 240 offices across 60 countries.

“People represent our most valuable asset, both our own company personnel – many of whom are ex-seafarers – and the crews onboard the ships that we serve. This is also clearly recognised by Epiris as we together navigate towards a new and exciting future for Inchcape,” Olsen concluded.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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