A.P. Moller Capital acquires majority stake in Euroports Group

The Danish infrastructure fund is buying into one of Europe's largest bulk port operators, handling over 70 million tonnes of cargo annually across 50

By Rowen Brooks Tue, 29 September 2026 AI level 2 of 5

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The stern of a large grey and red ship, partially covered in scaffolding, stands in a dry dock surrounded by cranes under a clear blue sky.

A.P. Moller Capital has agreed to acquire a majority stake in Euroports Group, one of Europe's largest non-containerised port-infrastructure operators. The deal, structured through a separately managed fund vehicle, will see A.P. Moller Capital take the controlling interest in a new consortium alongside Belgian public investors SFPIM, the federal holding company, and PMV, the Flemish investment vehicle, both of which remain shareholders.

No transaction value was disclosed. Completion is subject to customary regulatory and third-party approvals. Euroports' existing management team, led by chief executive Frédéric Platini, will remain in place under the new ownership structure.

The deal

Euroports operates more than 50 deep-sea and inland terminals across ten European countries and China, handling over 70 million tonnes of bulk, breakbulk and liquid bulk cargo each year. The commodity mix spans fertilisers, agribulk, sugar, fruit, forest products, metals and minerals, flows that sit at the intersection of European food supply, manufacturing and industrial logistics. The company employs approximately 3,000 people.

Euroports also owns Manuport Logistics (MPL), an independent freight-forwarding business active in more than 20 countries. MPL will continue to trade under its own brand and pursue its own growth plan as part of the wider platform.

Kim Fejfer, managing partner and chief executive at A.P. Moller Capital, framed the rationale in terms of supply-chain security: "Resilient supply chains and secure trade flows are increasingly essential to economic stability and growth. Euroports plays a critical role in facilitating the movement of essential commodities through infrastructure that underpins European industry, food systems and manufacturing."

The acquisition is A.P. Moller Capital's second European infrastructure investment, following its earlier stake in BERGÉ Logistics, a Spanish port-infrastructure and logistics operator.

Market context

Port infrastructure has become a priority asset class for long-term capital allocators. Infrastructure funds, sovereign wealth vehicles and pension managers have all moved toward critical logistics nodes, ports, terminals and inland hubs, as an inflation-linked, long-duration asset type that is difficult to replicate. Non-containerised bulk terminals, in particular, attract interest because they serve commodities with inelastic demand and long-term trade flows unlikely to be disrupted by near-shoring trends that are reshaping container shipping.

The energy transition is also a quiet driver of deal-making in this space. European bulk ports are central to the import chains for biomass, wood pellets and agricultural feedstocks used in power generation and biofuels; some are being repositioned for ammonia and hydrogen imports as those supply chains develop. Whether Euroports' terminal network features in A.P. Moller Capital's energy-transition strategy was not addressed in the release.

The involvement of SFPIM and PMV signals continued Belgian state interest in anchoring port assets domestically. SFPIM, which manages approximately 20 billion euros in assets, has a stated mandate covering energy transition alongside its broader economic stabilisation role.

Policy and capital backdrop

European port infrastructure sits at the intersection of several live policy dossiers: the EU's critical-infrastructure protection regulation, the revised Maritime Spatial Planning directive and the FuelEU Maritime framework, which will gradually mandate lower-emission fuels on vessels calling at European ports. Operators with diversified terminal networks across multiple member states are well-positioned to benefit from both the volume growth implied by reshoring and the infrastructure upgrade cycle needed to handle new fuel types.

A.P. Moller Capital is part of A.P. Moller Group and is authorised by the Danish Financial Supervisory Authority. Deal closing remains subject to regulatory sign-off, and further financial terms are expected to emerge at that point.