PORT agency and marine services provider Inchcape Shipping Services has been sold to UK-based private equity investment firm Epiris.
The transaction follows a sale process by Inchcape’s former Dubai-based owners.
ISS chief executive Frank Olsen said the acquisition would expand digitalisation and enhance the company’s core port agency business.
“Epiris is now making a transformational investment in our successful business that will establish a new platform for customer-focused growth and enable us to take our marine services and digital solutions to the next level as we transition into the future,” Mr Olsen said.
Epiris partner Charles Elkington said: “ISS is a global leader in a resilient market experiencing long-term growth, driven by ship owners’ and operators’ focus on cost effectiveness, sustainability and compliance.
ISS was founded in 1847 by Scottish merchants William Mackinnon and Robert Mackenzie. It was renamed in the past century under the erstwhile ownership of the Inchcape family from Scotland.
“Inchcape has demonstrated its resilience as a stalwart provider of maritime services to keep international trade flowing over nearly two centuries of tumultuous global change, while evolving in step with the changing demands and challenges of the shipping industry,” Mr Olsen said.
“This investment by Epiris represents a rejuvenation of the company, enabling us to build on our solid business foundation, accelerate benefit realisation and unlock significant upside potential.”
Mr Olsen said digitalisation is the enabler for operational measures such as better voyage planning and faster port turnaround that are key to decarbonisation of shipping as they can reduce fuel consumption, thereby improving environmental sustainability.
ISS has a global network of more than 240 proprietary offices across 60 countries.
