Business Wire

Vision Ridge Partners and Havila Holding Complete Privatization of Fjord1

Share

Vision Ridge Partners, an alternative asset manager focused on sustainable real assets, and Havila Holding announced today that they have completed the privatization of Fjord1, the owner and operator of a fleet of Norwegian ferries utilizing low or zero emission propulsion. Going forward, Fjord1 will be jointly owned by Vision Ridge Partners and Havila Holding, an investment company owned by the Sævik family in Norway, with each party holding 50% ownership stakes.

Allianz Global Investors partially financed the acquisition and refinancing of the existing debt by providing approximately NOK 3 billion financing at the holding company level. This bespoke financing platform resulted in a meaningful interest rate reduction to the cost of the previous public bond.

Vision Ridge made its initial investment in Fjord1 in 2019. At that time, Fjord1's existing operational footprint included just a single electric ferry route. In just three years, the firm has become an industry leader in the Norwegian ferry electrification industry, having transitioned 50% of its operating fleet to electric, expanded to 38 routes and completed the largest and most complex newbuild program in its history, culminating in the delivery of 32 electric vessels. As of June 30, 2021, over 70% of the new electric vessels were operating in the water, and by the end of 2021, all 32 are expected to be live and providing transport throughout Norway.

“We are proud of our partnership with Fjord1 and the Sævik family,” said Reuben Munger, Managing Partner of Vision Ridge Partners. “Collectively, we saw an opportunity for the firm to become an industry leader in ‘green’ maritime as Norway forges ahead with its goal of zero emissions in its fjord regions by 2026. The sheer size and complexity of this transaction required a creative financing structure, and we are thrilled to empower future growth and additional fleet transformation at Fjord1.”

Fjord1 is the largest player in Norway’s ferry network, a critical component of the country’s infrastructure, serving approximately 50% of all passengers. The firm leads the sector in profitability, fleet size and sustainable technology.

“The privatization of Fjord1 is a significant milestone for the firm and will ensure that it can continue to grow its leadership position and further increase its sustainability impact in the years to come,” said Vegard Sævik, Chairman of Fjord1. “By partnering with Vision Ridge, we have been able to access their extensive experience at the nexus of new mobility and electrification and position Fjord1 to be at the forefront of the transition to sustainable transportation.”

“We are delighted to have worked with Vision Ridge Partners and Havila Holding to support the rationalization of Fjord1’s ownership structure, and look forward to supporting Fjord1’s position as a key provider of critical Norwegian coastal infrastructure,” commented Jemima Atkins, who led the execution of the investment for Allianz Global Investors’ Infrastructure Debt platform.

About Vision Ridge Partners

Vision Ridge Partners aims to deliver superior financial returns and positive environmental impact through investments in sustainable real assets. Founded by Reuben Munger and joined by partners Justin Goerke and George Polk, Vision Ridge manages approximately $2.5 billion, as of June 30, 2021, across its three funds and associated co-investments. Vision Ridge has offices in Colorado and New York. For more information visit https://vision-ridge.com.

About Havila Holding

Havila Holding is a family-owned investment company that is parent to a number of subsidiaries operating in various business sectors. Founded in 1997 and headquartered in Fosnavag, Norway, the company is co-owned by Per Sævik and his children Njål Sævik, Hege Sævik Rabben and Vegard Sævik, who together serve as the company’s board of directors. Havila Holding’s mission is to manage what has been created over generations, refine and create new value, establish rewarding jobs and build communities. https://en.havila.no/

About Fjord1

Fjord1 is the largest ferry company in Norway, offering ferry and passenger boat services to over 16 million passengers annually. Through its growing fleet of innovative and technically-advanced vessels, Fjord1 aims to be the most reliable and attractive supplier of environmentally-friendly ferry and passenger boat services for its customers and partners. The company invests in low-emission and zero-emission technologies, and is driving the electrification of the ferry industry in Norway. https://www.fjord1.no

About Allianz Global Investors

Allianz Global Investors is a leading active asset manager, managing EUR 633 billion in assets for individuals, families and institutions worldwide. By being active and investing for the long term, our goal is to elevate the investment experience for our clients and generate value every step of the way. The Infrastructure Debt platform has invested over EUR 19 billion since 2013 in infrastructure companies across Europe, the United States and Latin America. The platform sources high quality infrastructure debt investments for institutional investors, offering improved access to a diversity of sectors that would otherwise not be available to public investors. https://www.allianzgi.com/

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Media:
Caroline Gibson / Maria Jose Gonzalez
Prosek Partners
cgibson@prosek.com / mjgonzalez@prosek.com
+ 44 20 8323 0483

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Wipro Announces Co-innovation Space with Google Cloud17.9.2021 15:32:00 CEST | Press release

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, today announced the launch of the Wipro-Google Cloud Innovation Arena in Bangalore, India. This cloud collaboration space will provide in-house technical expertise, ensure seamless cloud adoption, and accelerate innovation to drive business transformation for customers. By combining the expertise and resources of Wipro FullStride Cloud Services and Google Cloud, this jointly developed innovation center will offer a unique combination of people, processes, and platforms that will collectively create a futuristic experience for customers globally. This state-of-the-art arena will showcase the talent, tools and best practices required to develop and deploy applications on Google Cloud. Jason Eichenholz, Senior Vice President, Global Head of Ecosystems & Partnerships, Wipro Limited said, “We are excited to strengthen our partnership with Google Clou

Zynga Announces ReVamp, the First Multiplayer Social Deception Game For Snapchat17.9.2021 15:00:00 CEST | Press release

Zynga Inc. (Nasdaq: ZNGA), a global leader in interactive entertainment, announced today that ReVamp, an upcoming multiplayer social deception game, will launch soon in select markets exclusively for Snapchat. The vampire-themed game will be the first social deception title on Snapchat, giving Snapchatters their first chance to sink their teeth into this popular genre. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210917005012/en/ Zynga Announces ReVamp, the First Multiplayer Social Deception Game For Snapchat (Graphic: Business Wire) ReVamp is a real-time multiplayer imposter game where players aim to reveal who the vampire player is among their group of friends while they renovate the rooms of an old mansion. In the game, human players must complete renovation tasks, such as demolition and building, to improve their chances of survival while identifying and defeating the vampire during the voting phase. Vampire players mu

BeiGene Receives Positive CHMP Opinion for BRUKINSA ® (Zanubrutinib) for the Treatment of Adults with Waldenström’s Macroglobulinemia17.9.2021 14:00:00 CEST | Press release

BeiGene (NASDAQ: BGNE; HKEX: 06160) today announced the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has adopted a positive opinion, recommending approval of BRUKINSA (zanubrutinib) for the treatment of adult patients with Waldenström’s macroglobulinemia (WM) who have received at least one prior therapy or first-line treatment for patients unsuitable for chemo-immunotherapy. “Bruton’s tyrosine kinase (BTK) inhibitors have emerged as a promising treatment for WM, yet treatment discontinuation due to lack of response or side effects remains a concern,” said Prof. Christian Buske, Medical Director at the University Hospital Ulm, Germany, and a trial investigator of the ASPEN study. “The ASPEN trial demonstrated that BRUKINSA provided deep and durable responses and offered substantial improvements in safety and tolerability over standard therapy. Patients in Europe with WM may soon have a new treatment option that can offer improved outcomes.

Janssen Receives Positive CHMP Opinion for BYANNLI ® (6-monthly Paliperidone Palmitate) for the Maintenance Treatment of Schizophrenia in Adults17.9.2021 12:50:00 CEST | Press release

The Janssen Pharmaceutical Companies of Johnson & Johnson announced today that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has issued a Positive Opinion recommending the long-acting atypical antipsychotic therapy BYANNLI® (6-monthly paliperidone palmitate; PP6M) for the maintenance treatment of schizophrenia in adult patients who are clinically stable on 1-monthly paliperidone palmitate (PP1M)2 or 3-monthly paliperidone palmitate (PP3M).3 If approved by the European Commission, PP6M will provide the first twice-yearly treatment for adults living with schizophrenia and longest available dosing interval for an antipsychotic medication in the European Economic Area.1,4 “With only two injections per year, 6-monthly paliperidone palmitate has the potential to reduce the burden of taking medication frequently, giving eligible patients the opportunity to focus on other aspects of their life,” said Ludovic de Beaucoudrey, Ph.D., EMEA Therape

Henkel, Dow, Bayer, AB InBev, Zebra Technologies and Others to Chart Future of Supply Chain Visibility in Europe at FourKites Visibility 202117.9.2021 12:30:00 CEST | Press release

FourKites®, the world’s leading real-time supply chain visibility platform, today announced that its European customer conference, Visibility 2021, will be held virtually on 7 October. The theme of this year’s conference, “Go Beyond,” presents a bold vision for supply chains of the future, centered around automation, innovation and collaboration. Supply chain leaders from across Europe have the opportunity to network, share best practices and insights, and collaborate on FourKites’ product roadmap during the world’s largest virtual supply chain summit. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210917005213/en/ FourKites®, the world’s leading real-time supply chain visibility platform, today announced that its European customer conference, Visibility 2021, will be held virtually on 7 October. “FourKites' Visibility conference is exactly what the industry needs right now,” says Roy van der Heijden, Business Analyst at Int

Panasonic Completes Acquisition of Blue Yonder17.9.2021 09:00:00 CEST | Press release

Panasonic Corporation announced today that it has completed the acquisition of Blue Yonder, the leading end-to-end, digital fulfillment platform provider. Panasonic has now purchased the remaining 80% of shares of Blue Yonder, adding to the 20% which Panasonic acquired in July 2020. The investment values Blue Yonder at USD8.5 billion. Since Panasonic’s announcement to acquire all shares on April 23, 2021, the acquisition has completed antitrust clearance procedures and received approval of regulatory authorities in the U.S. and other countries. The acquisition accelerates Panasonic’s and Blue Yonder’s shared vision for an Autonomous Supply Chain™. By unifying Panasonic’s sensing technologies and edge devices with Blue Yonder’s AI/ML-powered planning, execution and commerce solutions, companies can create smarter and more connected e-commerce strategies, retail stores, warehouses, transportation, and workplaces. This unique end-to-end offering provides customers with unlimited visibilit

IFF Appoints Glenn Richter as Executive Vice President and Chief Financial Officer16.9.2021 22:15:00 CEST | Press release

IFF (NYSE: IFF) today announced that Glenn Richter, an accomplished financial executive with nearly three decades of experience overseeing finance and corporate strategy for multinational companies, has been appointed Executive Vice President and Chief Financial Officer, effective September 27, 2021. Mr. Richter was most recently Chief Financial Officer of TIAA, a leading global provider of financial services with $1.3 trillion in assets under management. He succeeds Rustom Jilla, who will be leaving the Company following a period of transition. With this appointment, Mr. Richter becomes a member of IFF’s Executive Committee and will be based in the Company’s New York City headquarters. “We are delighted to welcome Glenn to our leadership team. His experience leading large, global finance departments, implementing multi-year strategic productivity initiatives and managing transformative integrations will be a tremendous asset to our team,” said Andreas Fibig, Chairman and Chief Executi