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February 9, 2024

Varma to invest alongside OP Finland Infrastructure in Finnish logistic company Aspo's (publ.) subsidiary ESL Shipping at an EV of EUR ~300m and EV/EBIT of 10x

Finnish pension fund Varma has agreed to co-invest EUR 15m alongside OP Finland Infrastructure in logistics company Aspo's (publ.) subsidiary ESL Shipping, bringing the total investment in ESL Shipping to EUR 45m. The combined EUR 45m investment managed by OP Finland Infrastructure will be made against issuance of new shares in ESL Shipping with an agreed pre-money equity valuation of EUR 165m. ESL Shipping reported revenues of EUR 125.6m and an EBIT of EUR 30.1m in FY22. This implies an EV of approx. EUR 300m for ESL Shipping, corresponding to an EV/EBIT multiple of approx. 9.95x.The investment will support ESL Shipping's green transformation strategy, which includes accelerating the decarbonization of its fleet. The co-investment by Varma is made with the same valuation and terms as agreed between Aspo and OP Finland Infrastructure in their 8 November 2023 announced EUR 30m investment in ESL Shipping.
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