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Corporate Finance assists Eimskip in the acquisition of Mareco

Published on: 30 januari 2017
Type of publication Insight
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Eimskip strengthened its position in the global reefer logistics services through the acquisition of 80% of the shares in the Belgian Mareco. Baker Tilly Berk Corporate Finance assisted this acquisition in close cooperation with the Corporate Finance colleagues Baker Tilly Belgium.

Lorijn Leersum: "This is the third acquisition in which we have assisted Eimskip. In 2015 and 2016, Jac. Meisner Internationaal Expeditiebedrijf B.V. and Extraco Services were added to the Eimskip Group as well. The acquisition of Mareco certainly will not be the last at this time when Eimskip shows strong growth. Both organically and through acquisitions. It is wonderful that we can give this last transaction form by making use of our international network."

With the acquisition of Mareco, Eimskip is expanding its geographical reefer logistics network further, especially in the areas of Africa and South America. In this way, they increase the variety of frozen goods. Through the network of Mareco, Eimskip will benefit from new opportunities in new regions and receive support for the further development of Eimskip's reefer logistics services.

Mareco was founded in 2002 and is headquartered in Antwerp, Belgium. The current management team will stay and manage its operations. Mareco employs 26 people at two sites, in Antwerp and in Sao Paulo, Brazil, and focuses on reefer logistics services, particularly the export to West, Central and South Africa, as well as all over the world. The annual revenue is approximately EUR 60 million, with an EBITDA ratio of 5-6% and carries about 32,000 TEUs annually.

Eimskip is a leading transport company that mainly operates in the North Atlantic. Eimskip was founded in 1914 and is a publicly traded company (NASDAQ Iceland). The company operates in a network of 60 offices in 20 countries, has 20 ships and approximately 1,680 employees. About half of the company's revenue comes from operations outside Iceland.

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