PGGM-backed logistics port infrastructure investments firm Olmar has taken a majority stake in Finnish company RP Logistics for an undisclosed sum.
RP Logistics and its subsidiaries, operating in the Hamina-Kotka and Nurmes in Finland, own a fleet of handling equipment, warehouses, and outside storage space. The company provides services to forest product suppliers, including timber and pulp/paper.
Last year, Dutch pension fund manager PGGM and Olmar acquired the first asset for a newly created European port infrastructure investment venture.
At the time, PGGM said it would hold a controlling interest in the new joint venture with the founders of logistic service provider Olmar holding the remaining interest. For their maiden deal, the partnership invested an undisclosed amount to buy a storage and transhipment facility at the seaport near the Finnish city of Pori.
PGGM and Olmar said at the time that they plan to be active in multiple European ports by investing in the supply chain of raw material companies.
The latest acquisition expands Olmar’s footprint, adding six locations in Hamina, Kotka, and Nurmes.
Olivier van Noort, co-managing partner at Olmar, said: “We look forward to including RP Logistics in our Olmar Group, together with the employees.
”A key focus will be on continuing to serve its clients and handle their sustainably harvested forest products. Similar to our Pori acquisitions last year, it is our intent to operate long term.”
Dennis van Alphen, head of Infrastructure investments at PGGM, said: “Acquiring these majority shares of RP Logistics is a great example of how we want to build and grow the PGGM-Olmar platform of strategic logistics assets.
“It allows PGGM to generate a sustainable return on investment for its clients like Pensioenfonds Zorg en Welzijn. Obviously, we are keen to expand our operations through acquisitions and developments in other geographies where strategic cargo flows are being handled.”
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