A.P. Moller Capital Takes Majority Stake in Euroports

A.P. Moller Capital has agreed to acquire a majority stake in Euroports Group, adding one of Europe’s largest bulk and breakbulk terminal operators to its growing portfolio of transportation and logistics infrastructure investments.

The transaction covers a 53.35% stake in Thaumas N.V., the company that indirectly owns Euroports, according to a separate disclosure from shareholder R-Logitech. A.P. Moller Capital is making the investment through a separately managed fund vehicle backed by A.P. Moller Holding.

Following completion, A.P. Moller Capital will become Euroports’ majority shareholder alongside Belgian public investment groups SFPIM and PMV, which will remain shareholders.

Financial terms were not disclosed. R-Logitech said the final purchase price will be tied to Euroports’ consolidated EBITDA for 2026, with regulatory and other approvals expected during the first quarter of 2027.

Euroports operates more than 50 deep-sea and inland terminals across 10 European countries and China, handling more than 70 million tonnes of bulk, breakbulk and liquid bulk cargo annually. Cargoes include fertilizers, agricultural products, sugar, fruit, forest products, metals and minerals. The company employs around 3,000 people.

The group also operates Manuport Logistics, an independent freight forwarding business active in more than 20 countries. MPL will continue operating under its own brand following the transaction.

A.P. Moller Capital said Euroports’ existing management structure, governance framework and strategic direction will remain in place. The new ownership group plans to support further expansion of Euroports’ operations, including efforts to broaden its footprint and attract additional customers and cargo volumes.

“In a changing world, resilient supply chains and secure trade flows are increasingly essential to economic stability and growth,” said Kim Fejfer, managing partner and CEO of A.P. Moller Capital.

Fejfer described Euroports as one of Europe’s largest non-containerized port infrastructure operators, with terminals handling commodities that support European industry, food systems and manufacturing.

For Belgium’s public investment groups, the deal also carries a strategic infrastructure component. SFPIM CEO Koen Van Loo said the fund intends to remain an investor as part of its effort to keep important assets anchored in Belgium.

“SFPIM reaffirms its role as a key investor in anchoring strategic assets in Belgium,” Van Loo said.

Euroports CEO Frédéric Platini said the new ownership structure would give the company a platform for further expansion.

“This transaction marks the beginning of a new chapter for Euroports, providing a strong basis to continue its growth trajectory, pursue new opportunities and build on the solid foundations that have underpinned its success to date,” Platini said.

The acquisition is A.P. Moller Capital’s second major investment in European port and logistics infrastructure following its investment in Spain’s BERGÉ Logistics. The Euroports deal further expands the infrastructure manager’s exposure to European bulk and breakbulk cargo flows.

A.P. Moller Capital is part of A.P. Moller Group and invests primarily in transportation, logistics and energy infrastructure.

Completion of the Euroports transaction remains subject to regulatory and other customary approvals.

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