Castor Maritime Acquires Majority Stake in MPC Capital
Deal News | Dec 12, 2024 | Globenewswire
Castor Maritime Inc., a diversified global shipping company, has announced its acquisition of a majority stake in investment and asset manager MPC Münchmeyer Petersen Capital AG. The deal, valued at approximately $192.6 million, involves the purchase of 74.09% of MPC Capital's shares from MPC Münchmeyer Petersen & Co. GmbH. The transaction, funded through a combination of a $100 million senior term loan facility and proceeds from a new issuance of Series D cumulative convertible preferred shares by Toro Corp., is expected to be completed by the end of December 2024. This acquisition marks Castor's strategic shift towards diversification in the energy infrastructure sector alongside its existing shipping operations. MPC Capital specializes in maritime and energy infrastructure projects and has a substantial asset management portfolio. The deal underscores Castor's commitment to expanding its influence in both sectors, aiming to leverage MPC Capital's established track record in investment management.
Sectors
- Shipping and Maritime
- Investment Management
- Energy Infrastructure
Geography
- Cyprus – Castor Maritime is based in Limassol, Cyprus, making it relevant to the Geography classification.
- Germany – MPC Münchmeyer Petersen Capital AG is listed on the Frankfurt Stock Exchange and based in Germany.
- United States – The transaction involves deals on the NASDAQ, and financial instruments like a senior term loan facility sourced from U.S.-listed Toro Corp.
Industry
- Shipping and Maritime – Castor Maritime is an international provider of shipping transportation services, indicating relevance to the Shipping and Maritime industry.
- Investment Management – MPC Münchmeyer Petersen Capital AG specializes in investment and asset management, involving institutional investor partnerships, making it part of the Investment Management industry.
- Energy Infrastructure – The focus on energy infrastructure projects both as part of MPC Capital's operations and Castor's strategic shift highlights the relevance of the Energy Infrastructure industry.
Financials
- $192.6 million – Total cost of acquiring 74.09% share in MPC Capital.
- $100 million – New senior term loan facility secured for the transaction from Toro Corp.
- $50 million – Proceeds from the issuance of Series D cumulative convertible preferred shares for the transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Castor Maritime Inc. | Bidding Company | Company | A diversified global shipping company engaging in strategic acquisitions to expand its portfolio. |
| MPC Münchmeyer Petersen Capital AG | Target Company | Company | An investment and asset manager specializing in maritime and energy infrastructure projects. |
| MPC Münchmeyer Petersen & Co. GmbH | Selling Company | Company | The entity from which Castor Maritime is acquiring the majority stake in MPC Capital. |
| Toro Corp. | Financing Partner | Company | Provided financial arrangements for the acquisition through a senior term loan and issuance of preferred shares. |
| Petros Panagiotidis | Chairman and CEO of Castor Maritime | Person | Chairman and CEO of Castor Maritime, involved in the strategic decision making for the acquisition. |