Warrenpoint Port welcomes Seatruck acquisition

Irish Sea freight-only operator Seatruck Ferries is set to move into new ownership.

Subject to regulatory approval from the Irish competition authorities, it is to be acquired from Clipper Group by CLdN.

CLdN, headquartered in Luxembourg is one of Europe’s leading multimodal logistics providers with three divisions CLdN RoRo, CLdN Cargo and CLdN Ports.

With eight purpose-built vessels, Seatruck operates a daily RoRo (roll on roll off) ferry service from Warrenpoint to Heysham, transporting

close to 20% of the region’s seaborne cargo volumes and specialising in primarily unaccompanied loads. This model increases efficiency both from an environmental and an operational perspective.

Seatruck, operational since 1996, was acquired by Clipper in 2002. It currently owns eight purpose-built RoRo vessels of which six are operating on the Irish Sea and two are on charter.

CLdN CEO Florent Maes, said: “We are delighted with the agreement, which is in line with our overall strategy of expanding current trades and developing new routes. Seatruck Ferries is an excellent company with a great route network and a strong business model. Seatruck will be a valuable addition to CLdN’s comprehensive route network and particularly adds to our presence in the UK and Irish markets. We look forward to welcome our new colleagues to the CLdN team and together develop new opportunities for the wider group.”

The parties have agreed not to disclose the transaction price.

David Holmes, chief executive officer Warrenpoint Port, explained: “We would like to congratulate the Seatruck team on their acquisition. CLdN is a leading name in the maritime sector, and it is fantastic to now have the brand operational in Warrenpoint. We are delighted to say that for service users, it will be ‘business as usual’. Nothing will change, the Seatruck brand will be retained and the team will continue to be led by Alistair Eagles.”

David continued: “Seatruck has been operational at Warrenpoint Port for 20 years’, providing a vital service for Irish Sea traffic. In more recent years, with increasing costs, the unaccompanied trailer model, has become particularly attractive for haulage companies and logistics providers. We look forward to continuing to drive growth and to building on the strong foundations of our relationship

with Seatruck, under their new ownership.”

The divestment of Seatruck Ferries allows Denmark-based Clipper Group to devote all financial and managerial resources to further strengthening its global dry cargo business.

Clipper Group CEO Amrit Peter Kalsi added: “Given the continued robust performance by Seatruck, we concluded that this was the right time to divest the company. Following a competitive process, we are very pleased to be handing over the baton to a strong, long-term, industrial owner as CLdN. We now look forward to focus 100% on our dry cargo core business. With a much stronger balance sheet, we are well positioned to proactively pursue market opportunities.”

CLdN’s contemplated acquisition of Seatruck Ferries is expected before year-end. After closing, the Seatruck operation will continue to run under the Seatruck Ferries brand with the existing management team lead by Alistair Eagles.

Seatruck Ferries has shown great resilience through the challenges caused by Covid-19 and Brexit, where the company has consolidated its market-leading position on the Irish Sea. Operating profit improved in 2021 and earnings are expected to further improve in 2022 as the joint impacts of Covid-19, Brexit and driver shortages are expected to accelerate growth in the unaccompanied trailer sector.

CLdN was advised by Baker McKenzie. Clipper Group was advised by Moelis & Company and Gorrissen Federspiel.