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HCI Capital AG to Acquire Majority Stake in König & Cie. Group

 

  • Acquisition registered with regulatory authorities
  • Jens Mahnke to join Executive Board of HCI Capital AG
  • Transaction strengthens investment and asset management functions
  • Nautical and shipping services to be expanded

Hamburg, 18th of January 2016: The HCI Group intends to acquire 80 percent of the shares in the König & Cie. Group, subject to meeting contractual conditions, in a transaction that will combine two of the leading investment firms focused on maritime assets. Despite challenging conditions in the shipping market, both companies have performed well in recent years. The combined strengths of HCI Group and König & Cie. Group will better position the firms to pursue new strategic opportunities in the shipping market.

The existing investors, funds managed by Tennenbaum Capital Partners and Delos Shipping (both US-based), have agreed to sell their shares to HCI Group.

Once the shares are acquired, Jens Mahnke will join the Executive Board of HCI Capital AG, consisting of Ingo Kuhlmann and David Landgrebe. Mahnke will remain the managing director of the König & Cie. Group. The new Executive Board will work actively to develop the business, build joint structures and integrate the two companies.

The transaction is designed to expand the range of maritime services offered and sharpen the joint company's profile in investment and asset management. The combined company’s ability to pursue growth opportunities in the maritime market will be supported by a regulated asset management company, access to capital markets via the stock market listing, and an alternative investment arm.

Once the merger has been completed, all the business operations and investments of the two companies will be held under the umbrella of the HCI Group. These include König & Cie. Treuhand, Mercator Navigation and OSM Ship Management. The group of companies will combine activities in shipping-related services, asset management and the fiduciary administration of existing funds for private and institutional investors under one roof. Its managed fleet will then comprise over 220 ships (including container vessels, tankers, bulkers and RoRo), of which 180 are held by limited partnerships.

Going forward, the combined strength of the two firms will enable HCI Capital AG to expand its addressable market within the maritime value chain. In addition, HCI Capital AG will also operate the combined investment and asset management business for real estate, private equity, life insurance and infrastructure, which will be strengthened and remain key operating segments.

David Landgrebe: "We are delighted that the addition of König & Cie. and its affiliates will provide an experienced and very dynamic unit to HCI. It represents a significant addition to our core competencies and provides growth opportunities in all business areas, but in particular for our active development of maritime services."

Ingo Kuhlmann: “Over the past two years, we have put HCI on stable footing. Now we are able to resume the pursuit of attractive investments and to play an active role in the realignment of the markets, even in a challenging environment.” Jens Mahnke: "This merger comes at exactly the right time. We are confident that the two companies represent a very good strategic fit and will work well together."

Brian Ladin, Managing Partner of Delos Shipping LLC: "In our role as investors and majority shareholders since 2013, we have been able to advise successfully on the restructuring and repositioning of König & Cie. From our perspective, now is the ideal time for the next step.”

Timothy Gravely, Managing Director at Tennenbaum Capital Partners: "TCP has a demonstrated track record of leveraging our specialized expertise and relationships in the shipping industry to help our portfolio companies succeed. We are delighted to have been a part of König & Cie.’s successful turnaround and subsequent growth.”

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