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Triton to exit shipping investment, sell stake in waste-management company

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Triton to exit shipping investment, sell stake in waste-management company

Funds advised by private equity firm Triton agreed to sell Nordic Tankers A/S to MOL Chemical Tankers Pte. Ltd., and separately agreed to unload 8.8%, or 3.0 million shares, of waste-management company Befesa SA.

A portfolio company of Triton since 2012, Nordic is a chemical-tanker company, primarily operating in the Americas, trans-Atlantic and Europe. MOL is a wholly owned subsidiary of Japan-based shipping company Mitsui OSK Lines Ltd.

Institutional investors will buy the stake of Befesa through a private placement via an accelerated bookbuilding process, which started immediately, according to a Jan. 9 news release.

Triton-managed funds will remain the largest shareholder in Befesa, retaining 31.9% of the company's shares after the transaction. Under the terms of the deal, Triton agreed to a lock-up period of 60 days.

Berenberg, Citigroup and Commerzbank are overseeing the accelerated bookbuilding process for the Befesa deal.

Terms of the transactions were not disclosed.