PSP Investments increases stake in Forth Ports

PSP Investments increases stake in Forth Ports
Port of Tilbury

Arcus European Infrastructure Fund 1 LP (Arcus) has agreed to sell its shares in Forth Ports Ltd to the Public Sector Pension Investment Board (PSP Investments).

Forth Ports, a multimodal ports owner and operator, is one of the UK’s largest port groups and owns eight commercial ports on the Firth of Forth, the Firth of Tay and the River Thames.

PSP Investment’s managing director and head of infrastructure investments, Patrick Samson, has said that the company is entering “the next phase” with Forth Ports which includes a specific plan to enhance their asset management responsibilities.

The plan is headed by the company’s London-based team under the leadership of Patrick Charbonneau, the managing director of infrastructure investments in Europe.

Samson said: “This is a landmark transaction for PSP to increase our stake in a strategically located, top-tier infrastructure asset in the UK.”

Forth Ports has strategic positions in Tilbury in London, which is the site of the new Tilbury 2 terminal, and in Grangemouth, Dundee, Rosyth and Leith in Scotland.

The Port of Dundee, according to the company, is strongly positioned to service the needs of the offshore wind sector and North Sea oil and gas decommissioning industry.

Charles Hammond, the group chief executive of Forth Ports, said: “This is an exciting time for Forth Ports as we continue to deliver out 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.”

Stuart Gray, a partner of Arcus, added: “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.”