Port owners and operators, PD Ports has completed the acquisition of the entire issued share capital of Groveport 2012 Limited ("Groveport"). Groveport is a privately owned inland port complex on the River Trent, which handles a mix of bulk cargoes through its 190 acre freehold site, and which has a dominant position in the UK's market for imported steel long products.
David Robinson, PD Ports' Group Chief Executive Officer, said: "We are extremely pleased to announce the acquisition of Groveport, which is an excellent strategic fit with PD Ports' existing ports businesses on the East Coast of the UK. This business has a long established market position in key market sectors and a highly experienced team of people, and has a proven track record as an innovative and customer focussed ports business.
"We look forward to working closely together in the coming months, to develop a stronger and progressive operating platform in the Humber, developing new business opportunities and creating opportunities for staff to grow and develop within the current and wider asset base."
Martin Rees, Groveport's Managing Director, said: "The acquisition of Groveport by PD Ports is a very positive natural progression for Groveport. We will become the major asset within PD Ports' Humber activities, adding to what is already a well-established operation, providing services in both the short and deep sea shipping markets. For our customers and employees, we expect this to be very much business as usual, as PD Ports looks to expand on the successful development that has taken place at Groveport over the last ten years."
Law firm Ward Hadaway and KPMG acted for PD Ports, with finance for the acquisition being provided by HSBC. Groveport were advised by Dow Schofield Watts and DWF.