Tuesday, 17 September 2019 | 05:28
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Huge Canadian investment lift for Scotland’s Forth Ports

Friday, 05 October 2018 | 00:00

PSP Investments is one of Canada’s largest pension investment managers with $153 billion of net assets. It has bought the entire shareholding in Forth Ports of the Arcus European Infrastructure Fund 1 LP for an undisclosed sum.

Forth Ports stated: “After financial completion, PSP Investments will partner with other long term investors who are well aligned to support the future growth of Forth Ports.”

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.

It also owns Methil, Burntisland and Kirkcaldy, and within and around the Firths of Forth and Tay, Forth Ports manages and operates an area of 280 square miles of navigable waters.

Tilbury is the site of a major new port terminal, Tilbury 2, while the Port of Dundee is strongly positioned to service the needs of the growing offshore wind sector and North Sea oil and gas decommissioning industry.

Patrick Samson, Managing Director and Head of Infrastructure Investments, PSP Investments, said: “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. This plan is being headed by our London-based team under the leadership of Patrick Charbonneau, Managing Director, Infrastructure Investments [Europe].”

Charles Hammond, Group Chief Executive of Forth Ports, said: “This is an exciting time for Forth Ports as we continue to deliver our ambitious expansion and investment programme around the UK.

“Our colleagues at 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.

“I want to personally thank Stuart Gray, Simon Gray and all the team at Arcus for their constant support, insight and strategic guidance over the past seven years. Forth Ports is in a strong position with a clear vision for the future.”

Stuart Gray, Arcus Partner, commented: “The Arcus team have been a long-term shareholder in Forth Ports and we leave the business in an excellent position, with a strong platform for continued growth.

“We have enjoyed working in partnership with the management team, growing the business substantially during our period of ownership, and we will continue to monitor how the business evolves over the years.”
Source: The National

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