V.Group has confirmed the purchase of Norddeutsche Reederei H Schuldt in a move which brings further consolidation to the German market.
Today’s development seals a deal which has been in the works for several months and affirms previous reports in TradeWinds that the combined company would form a commercial management partnership with Blue Net Chartering.
Ian El-Mokadem, chief executive of V.Group said: “The acquisition of Norddeutsche Reederei allows V.Group to strengthen its position as the global leader in marine support services.
“Norddeutsche Reederei’s highly experienced team will significantly enhance V.Group’s expertise in the management of container vessels to the highest quality level.
"With the addition of the capabilities of Norddeutsche Reederei, V.Group will strive to continue setting new standards and be a driving force in transforming the industry.”
Advent, the private equity owner of V.Group, will take a 66.6% stake in Norddeutsche Reederei, according to disclosures in Germany.
Norddeutsche Reederei is a 150-year-old company and manages a fleet of 46 container vessels of a combined 230,000-teu.
A spokesperson for V.Group confirms the company is not moving into shipowning with the transaction, which is the latest in a long history of mergers and acquisitions by the world’s largest third-party shipmanagement group.
V.Group staff in Hamburg will move to the Norddeutsche Reederei offices, with the takeover also initiating the creation of a centre of excellence for the management of global container fleets.
Dr Bernd Kortum, founder and sole shareholder of the Norddeutsche Vermogen Group said: “I’m very happy that we found a strong partner for my company in V.Group.
"The container shipping industry continues to face a challenging market environment, but with the backing of V.Group, Norddeutsche Reederei has an exciting opportunity to become part of a centre of excellence for global containership management.
"This will also be a substantial boost for Hamburg’s shipping community.”
