AD Ports Group’s Noatum acquires APM Terminals Castellón for EUR10m

Noatum Group, a subsidiary of AD Ports Group, has fully acquired APM Terminals Castellón in Spain for an enterprise value of EUR10m.

The deal allows the Spanish firm to expand its operational capacity for bulk, general cargo, and container processing while maintaining APM Terminals’ third-party services at this location.

AD Ports said in a statement that Noatum Terminals’ investment in Castellón is part of the group’s strategy to consolidate its position in Spain.

The acquisition follows various improvements implemented at Noatum Terminal Castellón, aimed at modernising and maintaining existing facilities and equipment.

We are pleased to announce the acquisition of 100% ownership of APM Terminals Castellón in Spain by Noatum Terminals, the terminals operations business of Noatum Group.⁰ https://t.co/7WjZjJsKF5

— AD Ports Group (@ADPortsGroup) January 3, 2024

“With this acquisition, we strengthen our position as a leading multipurpose port operator in the Western Mediterranean region,” said Joaquin Ramon Lestau, CEO of Noatum Terminals, Noatum, Logistics Cluster at AD Ports Group.

“Noatum Terminals is committed to providing dedicated service, in line with the Noatum Group’s quality standards, to both existing and new customers, while making the necessary investments for the terminal’s operations to run smoothly and efficiently well into the future.”

With the acquisition of APM Terminals, Noatum’s combined capacity at Castellón is 250,000m2 in size and has an annual capacity to handle 250,000 TEUs, representing around 70 per cent of the container volume capacity of the Port of Castellón.

Furthermore, the two terminals, which can also handle two million tonnes of bulk cargo alongside RoRo, serve the Mediterranean, Middle East, and North Africa regions – positioning the port to be more competitive in capturing volumes and serving various industry sectors.

Noatum strengthens its presence in Spain

Noatum acquired Spain’s Sesé Auto Logistics, a unit of Grupo Logístico Sesé, for EUR81m ($84.7m) earlier in October as part of the logistics firm’s broader strategy to boost its position in the global automotive sector.

The deal, which is expected to be completed by Q1 2024, implies an enterprise value to EBITDA ratio (EV/EBITDA) of around 3.5x based on the company’s last twelve months performance to August 2023 – revenue of around EUR100m.

The transaction is expected to generate significant synergies with the logistics firm’s port terminals business in Spain.

Meanwhile, AD Ports signed a concession agreement with Egypt’s Red Sea Ports Authority to develop and operate a multi-purpose terminal at Safaga Sea Port late in December.

The deal will see an investment of $200m over the next three years to develop a state-of-the-art port facility within the strategic location of the Red Sea. It will be the first internationally operated port serving the Upper Egypt region.

The Abu Dhabi ports giant said the new Safaga 2 terminal is on track to become operational by 2025. The project is expected to bring substantial economic impact, with cost savings and efficiency improvements to traders and businesses in the region.

Read: AD Ports signs concession deal to operate Egypt’s Safaga terminal