Buyout Secures Testbank
A secondary buyout has delivered the Southampton UK based Testbank Ship Repair and Boiler Company to a team led by its managing director and technical director, with the financial support of many senior employees. The company employs 42 staff at its facility in the Western Docks, providing vessel repair, welding, marine electrical and warehousing services.
P&O originally owned a 25% stake in Vostochny International Container Services (VICS) which holds a long term concession to operate two container berths with a capacity of 400,000teu. Following the transaction, P&O holds 25% of a new joint venture, Railfleet Holdings Limited (RHL) which in turn holds 100% of VICS and freehold rights to four container berths.
MJ Information No: 21036
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