AD Ports Group, the leading facilitator of global trade, logistics, and industry, has completed the acquisition of a 70 percent equity stake in Egypt-based maritime companies, Transmar International Shipping Company (Transmar) and Transcargo International (TCI) for $140 million.
Abu Dhabi Ports Group said in a statement that this is the first international acquisition of the company.
The acquisitions of the two maritime companies provide AD Ports Group with a market-leading platform for further growth in container, cargo, and port operations in Egypt, North Africa, and Gulf regions, as well as along the entire Red Sea.
Transmar is a regional container shipping company that operates across the Middle East, Red Sea, Arabian Gulf, and Eastern Coast of Africa. Further, TCI is a terminal operator and stevedoring company that specializes in project cargo handling, heavy lift, breakbulk, industrial breakbulk, general cargo and container handling, as well as warehousing and storage facilities.
“The successful completion of this international acquisition is another important step in our journey of global growth and market expansion in line with the vision of our wise leadership. AD Ports Group prides itself on its proven ability to invest in value-adding partnerships and acquisitions that enhance our portfolio of services and provide new trade connections for our global customers. This acquisition provides us with a controlling position in two regional market leaders and enhances our presence along key trade lanes. We see significant opportunity for leveraging the expertise and experience of Transmar and TCI to enhance our commercial offering across the Gulf region and North Africa.”
As per the statement, EFG-Hermes acted as the exclusive financial advisor and White & Case acted as the legal advisor to Transmar and TCI on this acquisition.
According to the statement, “Together, Transmar and TCI are on track to deliver revenue and EBITDA of around $137 million and $65 million, respectively, for full-year 2022.”
AD Ports Group has expanded its global footprint significantly over the past year, announcing a series of new investments and partnerships in markets on key trade routes for the UAE including Jordan, Uzbekistan, Tanzania, and Egypt.
The company further noted that “the El Ahwal family and the executive team will remain in the management of the companies and deliver the strategic growth plans under the guidance and support of the Board and in conjunction with AD Ports Group.”