The majority shareholder in Forth Ports, which operates the Port of Dundee, has sold its stake.
Arcus European Infrastructure Fund has agreed to sell its shares to minority shareholder the Public Sector Pensions Investment Board (PSP Investments).
Forth Ports owns and operates eight commercial ports on the Firth of Forth, the Firth of Tay and the River Thames, with strategic positions in Tilbury (London), Grangemouth, Dundee, Rosyth and Leith (Edinburgh).
PSP Investments managing director Patrick Samson said the Canadian-based firm was optimistic about the company’s future growth.
He said: “This is a landmark transaction for PSP to increase our stake in a strategically located, top-tier infrastructure asset in the UK.
“Since PSP’s original investment seven years ago, Forth Ports’ world-class management team has led the company through consistent high performance and growth.
“We are now entering the next phase of our journey together, which includes a specific plan to enhance our asset management responsibilities.”
Forth Ports has made a £10 million investment in dock facilities at the Port of Dundee including a ‘heavy lift’ capability seen as the key for attracting decommissioning work.
Forth Ports chief executive Charles Hammond added: “This is an exciting time for Forth Ports as we continue to deliver our ambitious expansion and investment programme around the UK.
“PSP are already long-term, committed shareholders and this new investment ensures continuity for the business as we evolve to meet the customer demands of the future.”
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