EQT Infrastructure, part of Swedish private equity firm EQT, has reached an agreement to acquire Denmark’s largest passenger ferry operator, Molslinjen, from a group of shareholders led by Copenhagen-headquartered Polaris Private Equity. The parties have agreed not to disclose the price.
Since coming under Polaris’s ownership in 2015, Molslinjen has has expanded from two to nine ferry routes and increased its fleet from three to 15 vessels, which carry up to eight million passengers annually.
A range of green investments have been made that have contributed to a 60% reduction of Molslinjen’s CO2 emissions per transported kilogram over the last 10 years. In addition, substantial investments have been initiated to put a new electric ferry on the Fanø route into operation in 2021 and to commission the world’s largest catamaran ferry with dual fuel engines on the Bornholm crossing in 2022.
EQT Infrastructure says it will support Molslinjen’s continued sustainability agenda through investments in the decarbonization of the ferry fleet and the acceleration of the transition to renewable fuel sources.
“We have followed Molslinjen closely for years and are tremendously impressed with its transformation into an indispensable element of the Danish transport infrastructure, under the leadership of Carsten Jensen and his management team,” said Daniel Pérez, Partner at EQT Partners. “The next development phase of Molslinjen will be defined by the company’s ambitious sustainability agenda and continued investments in electrification and renewable fuel sources.”
Carsten Jensen, CEO of Molslinjen, said: “We are excited to team up with EQT Infrastructure, they are a highly strategic partner who will bring both the industry expertise and financial muscles to support Molslinjen’s green development plans. We now look forward to setting sail towards the next chapter in our growth journey together with EQT.”
The transaction is subject to customary conditions and approvals and is expected to close in early 2021.