A.P. Moller Capital has signed an agreement, through its Emerging Markets Infrastructure Fund II to acquire 100% of Portek International Pte. Ltd. from Mitsui & Co., Ltd.
Portek is a Singapore-based cargo ports operator and engineering business with interests in seven port terminals across Africa, Asia and Europe. Founded in 1988, Portek operates a geographically diversified portfolio of multipurpose terminals serving local and international trade flows.
Its terminal interests span Algeria, Gabon, Indonesia, Latvia, Malta and Vietnam. Portek also provides port engineering and operations and maintenance services, principally from Singapore and Indonesia and employs approximately 1,400 people across its operations and headquarters. Its terminals handle around seven million tonnes of bulk cargo, 700,000 containers and around 90,000 vehicles each year.
The acquisition is aligned with A.P. Moller Capital’s focus on transportation and logistics infrastructure and builds on its experience across the ports sub-sector. Following completion, A.P. Moller Capital intends to work closely with Portek’s local operating teams to build on the company’s existing capabilities and support its next phase of development, focusing on operational performance, governance, safety, capital discipline and environmental performance, including emissions-reduction planning.
Semih Gökmen, Partner at A.P. Moller Capital, said: “Portek is a strong fit with our investment strategy and active owner philosophy. It is an established business with a diversified portfolio of port operations serving important trade flows across three continents, supported by experienced local operating teams. Our domain expertise across ports and logistics gives us a strong foundation from which to work with the Portek team, build on the company’s existing capabilities and support its next phase of development. We’d also like to recognise Mitsui & Co.’s stewardship of Portek, as the business has developed over recent years.”
Kim Thagaard Pedersen, Director at A.P. Moller Capital, added:
“Portek is a differentiated ports platform with established positions across its markets. We see significant potential to build on its existing capabilities and, working closely with the management and local operating teams, to support its continued development.”
The Portek portfolio complements A.P. Moller Capital’s investments in Philippines-based AC Logistics and Spain and Latin America’s Bergé Logistics, plus recent signed agreements to acquire majority stakes in Globex Investissement and Euroports. Completion of the transaction is subject to the satisfaction of customary closing conditions, including receipt of regulatory and other third-party approvals.
