Peel Ports acquires Great Yarmouth Port Company

The U.K.-based port operator acquired Great Yarmouth Port Company Limited from International Port Holdings.    Peel Ports Group completed the acquisition of Great Yarmouth Port Company Limited (GYPC) from International Port Holdings.
   The acquisition was finalized last week for an undisclosed sum, Peel Ports said.
   GYPC, which is situated in the eastern United Kingdom at the mouth of the River Yare, serves the offshore oil and gas industry of the Southern North Sea and also handles regional grain, aggregate cargo and other bulk cargo and general cargo.
   The port reported revenues of 10.9 million euros (U.S. $11.9 million) and operating profits of 4.5 million euros (U.S. $4.9 million) in its last annual accounts.
   “GYPC will complement Peel Ports’ core ports business by providing both geographical and commercial diversification,” Peel Ports CEO Mark Whitworth said in a statement. “Bringing together customers and commodities served by both businesses will present a sound base for exploring future growth opportunities. This includes decommissioning, where GYPC’s market position has the potential to further enhance Peel Ports existing strategic assets.”