Grimaldi Euromed, a company owned by the Grimaldi Group, has purchased more shares in Finnish subsidiary, Finnlines, increasing its investment in the sister company.
Finnlines is a European short sea operator, and the leading company in the ro-ro and passenger transport in the Baltic and North Sea, with one of the largest ro-ro and ro-pax fleets in the region. It currently owns 22 ro-ro vessels. Finnlines offers an extensive network of Motorways of the Sea between Belgium, Estonia, Finland, Germany, Spain, Sweden, the Netherlands, Poland, the United Kingdom, and Russia.
Grimaldi Group has acquired 5,449,032 ordinary shares for €96,992.769,60, which equates to 10.58% of Finnlines’ share capital. After this transaction, Grimaldi Group holds 91.32% of the share capital of Finnlines through its various sister companies.
In the first six months of 2015, Finnlines recorded a turnover of €252m, an EBITDA of €51.5m, and a net profit of €16.4m, up 9.2% since 2014. The second quarter results from 2015 were the best Finnlines has achieved in the past ten years, and analysts at Marine Money International have also ranked Finnlines in the top ten best listed shipping companies. The recent financial success of Finnlines has prompted Grimaldi to invest further.