Eimskip takes a 100% share of Innovate Holdings

The Icelandic shipping and logistics company Eimskip has acquired another 45% in the Nottingham-based temperature-controlled cargo firm Innovate, having previously held a 55% stake. Current Innovate directors Pete Osborne, Stephen Savage and Stephen Dargavel will lead a newly established specialist management team at Innovate. They will also hold between 4% and 5% of total outstanding shares in Eimskip.

Savage tells Motor Transport: "We decided to merge with the Eimskip business after 12 months of highly successful partnership." The purchase price of £30.3m will be paid with new shares in Eimskip. A total of 83,109,531 shares will be issued. Baldur Gudnason, Eimskip chief executive, adds: "The acquisition of Innovate further strengthens Eimskip's strategy to be a key international player in temperature-controlled cargo globally."