CU Lines extends portfolio and stretches Asia-Europe route to Tilbury
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Forth Ports, owner and operator of eight UK ports including Tilbury and Grangemouth, is under new ownership.
Arcus European Infrastructure Fund has sold its shares to the Public Sector Pension Investment Board (PSP).
While it is unlikely to change operations at the ports, Charles Hammond, group chief executive for Forth Ports, said: “PSP is already a long-term, committed shareholder and this new investment ensures continuity for the business as we evolve to meet the customer demands of the future.”
After completion of the deal, PSP Investments said it would partner with other long-term investors who are “well aligned to support the future growth of Forth Ports”.
Forth Ports ports operates on the Firth of Forth, the Firth of Tay and the River Thames, with strategic positions in Tilbury (London), Grangemouth, Dundee, Rosyth and Leith (Edinburgh).
Tilbury is the site for a major new terminal, Tilbury 2, while the port of Dundee is “strongly positioned to service the needs of the growing offshore wind sector and North Sea oil and gas decommissioning industry”.
Patrick Samson, managing director and head of infrastructure investments at PSP, said: “This is a landmark transaction for PSP to increase our stake in a strategically located, top-tier infrastructure asset in the UK
“Since PSP’s original investment seven years ago, Forth Ports’ world-class management team has led the company through consistent high performance and growth.
“We are now entering the next phase of our journey together, which includes a specific plan to enhance our asset management responsibilities.”