AD Ports Group has announced the completion of the acquisition of a 70% equity stake in Transmar International Shipping Company and Transcargo International S.A.E. (TCI) for US$140 million in the first international acquisition by AD Ports Group.
The value-accretive acquisitions of the two Egypt-based maritime companies provide AD Ports Group with a platform for further growth in container, cargo and port operations in Egypt, North Africa and Gulf regions, and along the entire Red Sea, according to a statement.
AD Ports Group has expanded its global footprint 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 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,” commented Captain Mohamed Juma Al Shamisi, managing director and Group CEO at AD Ports Group.
Transmar is a regional container shipping company that operates across the Middle East, Red Sea, Arabian Gulf and Eastern Coast of Africa with special capabilities for handling petrochemical products. TCI is a terminal operator and stevedoring company that specialises in project cargo handling, heavy lift, breakbulk, industrial breakbulk, general cargo and container handling, as well as warehousing and storage facilities, while it is the largest operator and sole container operator in Adabiya Port in Egypt.
AD Ports Group noted that together, Transmar and TCI are on track to deliver revenue and EBITDA of around US$137 million and US$65 million, respectively, for the full-year 2022.
Captain Mohamed Juma Al Shamisi stated, “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.”
KPMG LG acted as the financial advisor, PwC as the commercial advisor and Matouk Bassiouny and Hennawy as the legal advisor to AD Ports Group in these transactions. EFG-Hermes acted as the exclusive financial advisor and White & Case acted as the legal advisor to Transmar and TCI.
