EQT Infrastructure acquires Molslinjen, Denmark's largest passenger ferry company

STOCKHOLM, Dec. 10, 2020 /PRNewswire/ -- EQT is pleased to announce that EQT Infrastructure has entered into a definitive agreement to acquire Molslinjen A/S ("Molslinjen" or "the Company") from a group of shareholders led by Polaris.

Molslinjen is headquartered in Aarhus, Denmark and was established in 1963 as a single route operator creating a shortcut between Jutland and Zealand, thereby also a connection between the country's two largest cities. Since then, the Company has grown into Denmark's largest passenger ferry company with over 700 employees and 15 vessels serving over eight million people per year across nine routes, including connections to Sweden and Germany. Molslinjen generated revenues of around DKK 1.9 billion in 2019. 

Operating in a country of many islands, Molslinjen is a critical part of Denmark's transportation infrastructure. Its routes constitute a network of "floating bridges" that link Denmark's major population centers and connect several important islands with the mainland. As an enabler of movement of passengers and goods, Molslinjen contributes to Denmark's local and regional economic activity and social development.

Molslinjen's long-term development is supported by strong secular trends, such as a steady population growth, increased urbanization, climate consciousness, and increasing domestic travel. The Company is well-positioned to capitalize on these shifts with its state-of-the-art ferry fleet, serving the most important travel corridors in the country.

Over the past decade, Molslinjen has reduced the CO2 emission per transported kg with over 60 percent. In the years to come, the Company will continue to invest in increased decarbonization of its ferry fleet and reduction of fossil fuel dependence. EQT Infrastructure is committed to supporting the Company's transition to electrified ferries on selected routes and introducing renewable fuel sources for larger vessels. Moreover, EQT Infrastructure will focus on customer service improvements, such as refitting of the vessel layout, increased departure frequency and higher passenger capacity on popular routes.

Daniel Pérez, Partner at EQT Partners: "We have followed Molslinjen closely for years and are tremendously impressed with its transformation into an indispensable element of the Danish transport infrastructure, under the leadership of Carsten Jensen and his management team. The next development phase of Molslinjen will be defined by the Company's ambitious sustainability agenda and continued investments in electrification and renewable fuel sources. In parallel, we also believe that there is scope to further build on Molslinjen's successful inorganic growth strategy. Taken together, these investments will further future-proof the Company, and we look forward to embarking on this journey together with Carsten and the management team."

Carsten Jensen, CEO of Molslinjen, said: "We are excited to team up with EQT Infrastructure, they are a highly strategic partner who will bring both the industry expertise and financial muscles to support Molslinjen's green development plans. We now look forward to setting sail towards the next chapter in our growth journey together with EQT."

The transaction is subject to customary conditions and approvals and is expected to close in early 2021.

EQT was advised by Danske Bank and DC Advisory (M&A / Financing), Accura (Legal), EY (Financial and Tax), McKinsey (Commercial) and Arup (Technical).

With this transaction, EQT Infrastructure V is expected to be 20-25 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on its target fund size, and subject to customary regulatory approvals.

Contact

Daniel Pérez, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, +4673 314 99 87

EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT

EQT is a purpose-driven global investment organization with more than EUR 75 billion in raised capital and over EUR 46 billion in assets under management across 16 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com

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About Molslinjen

Molslinjen is Denmark's largest passenger ferry company with over 700 employees and 15 vessels serving over eight million people per year across nine routes, including connections to Sweden and Germany. Molslinjen generated revenues of around DKK 1.9 billion in 2019. In cooperation with Herning Turist, Molslinjen is operating busses under the brand Kombardo Expressen on direct busroutes to/from Copenhagen - Aarhus, Aalborg, Randers, Holstebro, Herning, Silkeborg and Rønne.

More info: www.molslinjen.dk

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SOURCE EQT