Triton takes control of herning shipping
SHIPPING: Triton, the private equity investment firm, have today agreed on principle terms of a transaction (letter of intent) in which an entity controlled by Triton will acquire herning shipping from the shareholder of herning shipping.
“We are very pleased to announce the agreement which creates a new platform for herning shipping. Herning shipping is a very fine company and will continue to offer quality shipping to its customers, and the new owners will further develop the company’s business model, in a market where consolidation is high on the agenda”, says Bengt Kjell, chairman herning shipping
The transaction will give herning shipping a new improved capital structure including a significant equity injection, and subordinated loans will be converted to equity.
The transaction and the future financing of the company is supported by herning shipping's main lender, Handels-banken.
“Indeed, we look forward to working with Triton and are highly pleased that in a market with many uncertainties herning shipping will continue to provide stability and opportunities to our customers, employees, suppliers, tonnage providers and in general. The strengthening of our company is a very positive development and will bring herning shipping to the next level”, says CEO, Lars Vang Christensen., herning shipping.
Next steps include agreeing on contractual terms and obtaining necessary consents and approvals, mainly competition approvals in a few European countries.
Source: herning shipping / maritimedanmark.dk
