News Room
24 July 2007
Aberdeen doubles money on RMS sale
Aberdeen Asset Managers Growth Capital (“Aberdeen”) has successfully exited shipping and cargo handling business RMS Europe Group (“RMS”) in a secondary buy-out valued at around £21m. The sale represents a full exit for Aberdeen’s investors and generates a return in excess of 2x the cost of its original investment.
Aberdeen originally led the management buy-out of RMS in July 2004. Aberdeen later appointed Mike Fell OBE as Chairman, a ports industry veteran and former director of Associated British Ports. In February 2006 RMS acquired Freshney Cargo Services, doubling the number of berths it operated. The original transaction was led by Francesco Santinon who now heads the Private Equity team at Aberdeen.
The sale of RMS follows other recent successful Aberdeen exits including the sale of Plaxton and the flotation of Styles & Wood.
Andy Glennon, Portfolio Manager, Aberdeen Asset Managers, commented:
"Aberdeen is delighted to have been part of the recent success of RMS. The exit has delivered an excellent return for our clients and Aberdeen wishes the management team involved every success in going forward.”
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