The family-owned company Det Stavangerske Dampskibsselskab (DSD), has entered into an agreement to sell its ferry- and expressboat company Norled to a consortium owned jointly by the Nordic infrastructure fund CapMan Infra and the Canadian company CBRE Caledon Capital Management.
– In recent years, Norled has made significant improvements in many areas. The company has succeeded in combining good and stable operations with success in tender biddings and record-high financial results. At the same time, Norled has undoubtedly consolidated and strengthened its pioneer role in the green shift in maritime industry: First, Norled launched the ferry MF Ampere, “the mother” of all battery ferries, and in 2021 Norled will launch a new icon through the upcoming hydrogen ferry. This environmental technology opens up new, unparalleled opportunities beyond the maritime sector. I am very proud of all the milestones that Norled’s employees have created, says Ingvald Løyning, chairman of Norled.
The company now stands at a crossroads
Much of the reason behind Norled’s wonderful story is that we have had a good and opportunity-oriented owner. Norled currently has an order backlog of NOK 17 Billion, and has decided to build new vessels for NOK 2.4 Billion. Growing and succeeding with so much new technology and investment is at the same time demanding for a family-owned business. Now the company needs to be given the necessary financial resources that is needed for Norled to grow and develop further to the next phase and towards new goals, says chairman of Norled, Ingvald Løyning.
I am pleased that CapMan Infra and CBRE Caledon, solid and professional owners, will be responsible for the further development of Norled in line with the company’s business plan and investment plans. This transaction comes at a time when the Norwegian ferry and express boat industries are undertaking major investments in new, environmentally friendly technologies. Norled’s dedicated employees have for many years proven their capacity to remain at the forefront of the green shift within the sector, and I’m sure that with the new owners, Norled will continue its positive development and will prosper in the years to come, says Yuhong Hermansen, majority owner and chairwoman of Det Stavangerske Dampskibsselskab.
Green shift in the Norwegian ferry industry
The Norwegian ferry industry is a critical part of the country’s transportation infrastructure. We believe that the green shift in the industry further highlights sea transportation as a sustainable solution, supporting both the connectivity within and between regions for daily commuters and leisure travellers, while creating jobs and economic growth. CBRE Caledon has proven to be a great partner to CapMan in this investment given their experience in the ferry sector, competent team and deep understanding in infrastructure investing. We are impressed with Norled’s management and employees and are looking forward to continuing the successful journey together to further improve operations for the benefit of the company’s customers, employees and communities,” says Ville Poukka, Managing Partner at CapMan Infra.
Norled represents an attractive investment opportunity given the availability-based, index-linked nature of cash flows, the company’s market-leading position, and the increasingly green credentials of the Norwegian ferry industry,” says Dr Andreas Köttering, Partner at CBRE Caledon. “Furthermore, we have been very pleased with the collaboration with CapMan. Their local insight and Nordic experience combined with our experience in the ferries sector well positions our consortium to continue developing Norled.
Through the sale, 100 per cent of DSD’s ownership interest in Norled AS will be transferred to the consortium of Capman Infor and CBRE Caledon. The parties have agreed that transactional details are confidential. EY has been financial advisor to Norled in the transaction together with the law firm Schjødt.