Delphis buys TeamLines for 40 million euros
Antwerp-based Delphis has bought North Europe’s second-largest feeder operator, TeamLines, for 40 million euros ($51.1 million) from Finnish carrier Finnlines.
'This development is an important and strategic step for Delphis, one that will enable us to further consolidate our position in 'short sea shipping,' ' said Alexander Saverys, Delphis’ managing director.
'The purchase of TeamLines fits Delphis' strategy perfectly. After a strong organic growth, we decided to focus on acquisitions and partnerships. This means our European network will be extended to Scandinavia, the Baltic States and Russia,' said Chris Vermeersch, Delphis' business development and finance manager.
The new Delphis-Team Lines Group will be one of the five largest common feeder operators in the world with 45 ships and volume of more than 1 million TEUs. The enlarged group will have branch offices in Belgium, Germany, Finland, Sweden, Norway, Spain, Portugal and Poland and nine sales offices in another eight countries. The new company will keep all TeamLines' staff and employ 155 people. It is expected to have annual revenue of more than 340 million euros ($434.4 million) in 2006.
Commenting on its decision to sell TeamLines, Helsinki-based Finnlines said: “Finnlines is concentrating on its core businesses, ropax and roro services and port operations, in which Finnlines is and has been investing.” It also said it will gain a 12 million euros ($15.3 million) net profit on the transaction.
Delphis buys TeamLines for 40 million euros
