Eimskip acquires 80% stake in Mareco

The Icelandic shipping company has strengthened its position in worldwide reefer logistics services by acquiring 80 percent of the forwarding company Mareco N.V.    Icelandic shipping company Eimskip said Tuesday it has strengthened its position in worldwide reefer logistics services by acquiring 80 percent of the forwarding company Mareco N.V.
   The acquisition is estimated at 16.6 million euros (U.S. $17.7), subject to the company’s financial results for 2016, and is financed with cash and debt. “Mareco will become a part of the Eimskip group as from the beginning of this year,” Eimskip said.
   Based in Antwerp, Mareco has annual revenues of about 60 million euros, with an earnings before interest, taxes, debit and amortization (EBITDA) ratio of 5-6 percent. Mareco transports around 32,000 TEUs a year.
   Foucsing on reefer logistics services, especially on exports to West, Central and South Africa from all over the world, Mareco primarily transports seafood, chicken, pork and beef.
   Mareco has 26 employees, 22 in Antwerp and four in São Paulo, Brazil, and its current management team will continue to own a 20 percent share in the company and will manage its operations.
   In relation to Eimskip’s investment and acquisition projects, it has entered into an agreement with Íslandsbanki for a revolving credit facility with an agreed term of 18 months in the amount of 47 million euros. Eimskip has drawn 7 million euros on the credit facility due to its Mareco acquisition.