The remaining 23% will be retained by Feedertech’s chairman, Ali Maghami.
The Feedertech Group operates two companies, Feedertech, which is a feedering service, and Perma, a regional shortsea network. The Group generates annual revenue of close to $200m from a diversified customer mix, calls at 50 ports and transports over 600k TEU annually.
“The Feedertech Group has enjoyed great success over the years and we are proud of our achievements. We believe the transaction with Unifeeder, and the support of DP World, will allow us to take the business to the next stage of its growth,” said Maghami.
“Both Feedertech and Unifeeder share similar business models and a desire to reduce inefficiencies, and by combining the expertise of the two entities, we believe we can deliver a high-quality product for our customers. Furthermore, being part of the DP World family will allow us to benefit from their deep relationship with end-customers and a wide global network. We look forward to a prosperous future together.”
Through Feedertech and Perma, Unifeeder will now have the capability to offer feedering and regional shortsea connectivity in Europe, the Mediterranean, North Africa, Asia, the Middle East, and the Indian Subcontinent, the announcement noted.
Moreover, the expansion will increase Unifeeder’s logistics capabilities and facilitate integrated services that engage end-customers and traders in line with the strategic ambition of the company’s parent, the DP World Group. It also enables opportunities in the fast-growing coastal shortsea trade on the Indian Subcontinent, complementing the existing India logistics strategy of DP World.
‘‘This is yet another strategic step in our vision to build a global presence, offer a broader network of solutions to customers and leverage the way we engage with them to create the most comprehensive and integrated solutions across multiple geographies,” said Jesper Kristensen, CEO of Unifeeder.
“Feedertech’s asset-light business model and approach to preserve the common-user independent platform that focuses on flexibility, reliability and providing sustainable logistics solutions, made it a clear fit for Unifeeder.”
The deal is expected to close year end 2019.