Eimskip strengthens market position with 75% in the Danish company Ship-Log A/S,

Eimskip is a logistics provider for refrigerated cargo, mainly operating in the Northern parts of the Atlantic Ocean. The listed Icelandic company owns a logistics network with 60 offices in 20 countries, owns a fleet of 20 ships and has approximately 1680 employees.

Buy-and-Build strategy

The logistics market for refrigerated cargo is growing, mainly as a result of the expanding worldwide food industry and the upcoming midclass in emerging economies. Because of these events, Eimskip started an international acquisition project, resulting in several acquisitions recently. Eimskip is eager to continue this trend and during this project they also acquired Ship-Log A/S.

Baker Tilly Corporate Finance has provided M&A and coordination assistance throughout the process, in close cooperation with the Danish Corporate Finance colleagues of the Baker Tilly International-network. Baker Tilly advised on a wide array of topics, such as corporate finance, transaction support and legal matters. The long-lasting cooperation between Eimskip and Baker Tilly has been lengthened with the acquisition of Ship-Log. Since 2015 Baker Tilly has advised Eimskip with three acquisitions, respectively Jac. Meisner Internationale Expeditie, Extraco Services and Mareco.

Synergies

Ship-Log is active as a global player, generates a revenue of € 17 million and has 32 employees. The acquisition of Ship-Log strengthens the logistics services of Eimskip in the cooling and freezing business and expands the commodities portfolio with the transport of food and pharmaceutical products, including new clients and more cargo. “The experience and knowledge of the management and employees of Ship-Log is very valuable and will help us to strengthen our carrier services not only in Denmark, but also all over the world.”, remarks Gylfi Sigfusson, CEO of Eimskip.

Eimskip chose Baker Tilly Corporate Finance as trusted advisor and was advised by Lorijn van Leersum.

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