TIM Hartnoll-led private equity venture HICO Investment Group has bought Bengal Tiger Line (BTL) as well as acquiring a majority shareholding in Caribbean Feeder Service in the latest chapter of container consolidation.
No price has been revealed for the acquisitions by the Hartnoll family, who also own feeder giant X-Press Feeders, reports Singapore's Splash 247.
BTL was acquired in 2018 by Singapore-based private equity firm CMIA Capital Partners from founding shareholders Schoeller Holdings and Transnaval Schiffahrt.
According to an update on the BTL site states: 'The change of ownership from CMIA Capital Partners to HICO will not see any change in the management structure of Bengal Tiger Line, and the day-to-day business will remain as status quo and will continue without any form of disruption.'
Bill Lines, BTL's chief executive, said: 'The acquisition is not connected to X-Press Feeders, as HICO Investment Group is an independent entity involved in several other business verticals besides transportation. BTL remains a standalone common feeder retaining its existing management structure and services.'
BTL was incorporated in Hamburg in 1986 and transferred its registry and headquarters to Singapore in 2009. The company mainly operates around the Indian subcontinent, Southeast Asia and the Arabian Gulf, with chartered vessels. According to Alphaliner data, BTL's operated capacity today is just above 10,000 TEU, its six ships giving it a ranking of 70th among the top 100 liner operators.
Caribbean Feeder Service (CFS), meanwhile, is listed by Alphaliner as the world's 53rd largest liner with 16 ships and a total operating capacity of just over 16,000 slots. The Caribbean acquisition was agreed with Perez y Cia Group, who will continue to be a key shareholder.
CFS, founded in 1999, is the largest independent feeder operator serving the Caribbean, Central America, Colombia and Venezuela. Perez y Cia Group took over the company four years ago.
'Neutrality keeps on being a key aspect of CFS as a regional feeder. This neutrality strengthens the carrier's networks in the region and contributes to the development of the logistic networks and economic growth of the Caribbean Region,' CFS stressed in an update on its site, echoing the BTL acquisition, whereby the brands will remain separate from other Hartnoll firms.
HICO was formed by the Hartnoll family last year. Other interests include Britoil Offshore Services and UK-based atomic propulsion specialist CORE POWER. The Hartnolls also run X-Press Feeders, the world's 17th largest liner, as part of their Sea Consortium empire.
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No price has been revealed for the acquisitions by the Hartnoll family, who also own feeder giant X-Press Feeders, reports Singapore's Splash 247.
BTL was acquired in 2018 by Singapore-based private equity firm CMIA Capital Partners from founding shareholders Schoeller Holdings and Transnaval Schiffahrt.
According to an update on the BTL site states: 'The change of ownership from CMIA Capital Partners to HICO will not see any change in the management structure of Bengal Tiger Line, and the day-to-day business will remain as status quo and will continue without any form of disruption.'
Bill Lines, BTL's chief executive, said: 'The acquisition is not connected to X-Press Feeders, as HICO Investment Group is an independent entity involved in several other business verticals besides transportation. BTL remains a standalone common feeder retaining its existing management structure and services.'
BTL was incorporated in Hamburg in 1986 and transferred its registry and headquarters to Singapore in 2009. The company mainly operates around the Indian subcontinent, Southeast Asia and the Arabian Gulf, with chartered vessels. According to Alphaliner data, BTL's operated capacity today is just above 10,000 TEU, its six ships giving it a ranking of 70th among the top 100 liner operators.
Caribbean Feeder Service (CFS), meanwhile, is listed by Alphaliner as the world's 53rd largest liner with 16 ships and a total operating capacity of just over 16,000 slots. The Caribbean acquisition was agreed with Perez y Cia Group, who will continue to be a key shareholder.
CFS, founded in 1999, is the largest independent feeder operator serving the Caribbean, Central America, Colombia and Venezuela. Perez y Cia Group took over the company four years ago.
'Neutrality keeps on being a key aspect of CFS as a regional feeder. This neutrality strengthens the carrier's networks in the region and contributes to the development of the logistic networks and economic growth of the Caribbean Region,' CFS stressed in an update on its site, echoing the BTL acquisition, whereby the brands will remain separate from other Hartnoll firms.
HICO was formed by the Hartnoll family last year. Other interests include Britoil Offshore Services and UK-based atomic propulsion specialist CORE POWER. The Hartnolls also run X-Press Feeders, the world's 17th largest liner, as part of their Sea Consortium empire.
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