The Saevik family and Vision Ridge Partners have agreed a deal to offload Norway’s biggest ferry company, Fjord1.
The 50:50 owners are selling out to infrastructure fund DIF Capital Partners and utility giant EDF.
Sustainable energy fund Vision Ridge and Per Saevik’s Havila Holding have been investors in Fjord1 since 2019 and 2011, respectively.
No financial terms were disclosed, but Fjord1, with 81 ships, is believed to be worth up to $900m.
Reports emerged in May that the owners were seeking a buyer for the business, with Finansavisen saying advisory firm Rothschild & Co was tasked with testing the waters.
Under Vision Ridge’s ownership, the proportion of electric vessels in operation at Fjord1 has increased by more than 50%.
The company has carried out a huge newbuilding programme over the last couple of years, adding 25 electric ferries.
Gijs Voskuyl, a partner at DIF Capital, said: “We’re very excited to invest in Fjord1, which is operating under a concession-based model, and which is a leader in delivering environmentally friendly and reliable ferry transportation in Norway.”
Alexandre Pieyre, head of EDF Invest, called Fjord1 a company at the forefront of innovation and decarbonisation.
More innovation sought
“Alongside our partner DIF and with an experienced management team, we look forward to supporting the company and its employees to pursue this low-carbon strategy and to bring even more innovation to the transportation industry,” he said.
Fjord1 will continue to be led by chief executive Dagfinn Neteland.
Neteland said: “Management is pleased that the sales process has been completed, which has been a long and thorough process, where we experienced significant interest in the company from a number of parties.”
The fleet today is 60% electric, the highest proportion in Norway.
Vegard Saevik, director of Havila Holding and chairmand of Fjord1, said: “We are happy to have found a new owner for Fjord1 who can help develop the company further.”
And Vision Ridge managing partner Reuben Munger said his organisation has worked closely with the Saeviks to scale the company’s operations and increase fleet electrification strategically.
In September, Luxembourg private equity behemoth CVC Capital Partners struck a deal to take over Netherlands-based DIF Capital.
LNG venture
In 2019, DIF Capital broke into shipping by teaming up with Swiss LPG carrier owner Geogas Maritime and Access Capital Partners to buy into LNG newbuildings.
They bought a 50% stake in a French company that will own and operate a fleet of five gas carriers.
The remaining 50% will be held by NYK, which ordered the vessels originally.
DIF Capital said the 174,000-cbm units were being built by leading South Korean shipyards and equipped with state-of-the-art LNG-fuelled propulsion technology, resulting in best-in-class environmental performance.
The following year, the company revealed it had teamed up with French container line CMA CGM on a Spanish container terminal investment.
The two took over a 50% stake in TTIA Container Terminal that had been sold by South Korean shipping company HMM.
