M&G’s infrastructure equity investment arm Infracapital and InfraVia Capital Partners have sold Italian container terminal Terminal Darsena Toscana (TDT) to shipping and logistics firm Grimaldi.
Gruppo Investimenti Portuali (GIP) shareholders Infracapital and InfraVia have sold their 100% stake in TDT, in the Port of Livorno, for an undisclosed amount. Giulio Schenone, the CEO of GIP and a minority shareholder of GIP, will also exit as part of the transaction.
Infracapital and French private equity firm InfraVia became majority shareholders of TDT in February 2017 with an 80% stake obtained through the acquisition of GIP’s terminal interests. By 2018, they had acquired the remaining 20% of TDT shares.
Stephen Nelson, managing director at Infracapital, said: “We are pleased to announce the sale of TDT which has grown from strength to strength under our joint ownership with InfraVia, and the central role played by Giulio Schenone. Together we worked with our partners to create value through improved operational performance and position TDT as a gateway to future expansion in Livorno.”
Olivier Laroche, partner at InfraVia, said: “We are proud to have supported TDT and Giulio Schenone with both capital and asset management capabilities throughout our ownership journey alongside Infracapital. TDT has achieved solid growth as well as resiliency through the recent economic cycle and demonstrated its role as the reference container terminal in the Port of Livorno.”
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