IMARI, the Irish-based transport group, has been acquired by the Mersey Docks and Harbour Company (MDHC), for £20 million (€25.4 million). The main individual beneficiary is the chief executive, Mr Ted O'Neill, who set up the company 13 years ago. His 20 per cent shareholding has been valued at £4 million (€5.08 million).
Other individual shareholders are accountant, Mr Bernard Somers, whose 9 per cent is valued at £1.8 million (€2.29 million), and Mr Charles Garavan, whose 6 per cent is valued at £1.2 million (€1.52 million). Funds controlled by ACT and ICC own the remainder of the equity and have made substantial capital profits from their investments.
Mr O'Neill told The Irish Times the sale was the accumulation of 13 years of developing Imari into a significant transport company. Imari had been linked to a number of companies with a view to going public. It was twice associated with transport company, Seafield - last year when it took a 5.4 per cent shareholding, and five years previously. The last company it had talks with was the UK Dukes Transport which has Northern Ireland operations but these were abandoned over price. "When the Dukes talks ended we had approaches from a number of companies," Mr O'Neill said. The flotation idea was abandoned as "not appropriate" and the approach from Mersey Docks was considered the "most appropriate".
The shareholding in Seafield does not form part of the deal with Mersey Docks and Mr O'Neill has acquired the stake in a personal capacity. He said he will hold it as a personal investment. Mr O'Neill is to join the executive committee of MDHC "to continue to pursue the strategic development of the Imari businesses", Mersey Docks said.
The £20 million consideration for Imari has been satisfied by £17.5 million in cash and £2.5 million in MDHC loan notes. MDHC is also assuming net debt in Imari of some £3 million. Imari's net assets amount to £10.5 million and the operating profit amounted to £2.24 million in the year ended December 31st 1999. Imari generates sales of more than £50 million and employs in excess of 300 people. It is the holding group for companies operating in transport and port services. The transport companies include Roadferry, which operates door-to-door day freight between the UK and Ireland, and Link Transport Services, which has a contract distribution and transport business in Northern Ireland.
Other companies are Tank Trans in which P&O has a 49 per cent stake, Tankspeed, and Teca GmbH, a freight provider near Dusseldorf. The services companies include Marine Terminals, which operates a container terminal in Dublin Port and in which MDHC has a 50 per cent interest, and Dublin Container and Transport Services.
MDHC said the acquisition allows it to consolidate its ownership of Marine Terminals.
