The owners of the North East's biggest port have offloaded nearly half of the enterprise to a Spanish investment fund.
Pontegadea Inversiones, an investment firm which has its headquarters in the Spanish city of La Coruna, has agreed to acquire a 49% stake in PD Ports on Teesside.
Pending regulatory approvals, the transaction will see current owner Brookfield collaborate with Pontegadea to bolster the company's growth. PD Ports operates Teesport and the Port of Hartlepool, along with smaller sites on the Humber and the south coast.
The firm's new partner is an investment company established in 2001 by Amancio Ortega, founder of the Zara fashion chain and one of the wealthiest individuals globally. The company boasts a diverse portfolio of assets worldwide, encompassing real estate, retail companies, infrastructure, and energy transition firms.
Brookfield first put PD Ports up for sale in 2021, with Tees Valley mayor Ben Houchen spearheading a consortium that attempted to purchase the company. However, the deal collapsed amidst discord between the company and the mayor, leading Brookfield to withdraw PD from the market.
PD Ports is one of Teesside's largest employers, injecting £1.4bn annually into the local economy and directly employing over 1,400 people across its 11 º£½ÇÊÓƵ sites, plus thousands more within its supply chains. It also serves as the statutory harbour authority for the River Tees, tasked with ensuring the river remains safe and navigable, reports .
Reflecting on the transaction, Frans Calje, chief executive of PD Ports, said: "This deal signals a bold new chapter for PD Ports - one that builds on our proud heritage and sets a confident course for the future. We look forward to working with our new shareholder to drive the continued growth of our business."
He added: "PD Ports' ability to attract a high-quality investor is a powerful endorsement of the business, its people and its long-term vision. While we have successful operations around the º£½ÇÊÓƵ – including Groveport, Felixstowe and the Isle of Wight – we are firmly anchored in Teesside and will continue to make targeted investments in our sites and our operations here and around the º£½ÇÊÓƵ."
The financial terms of today's agreement remain undisclosed.
When the firm was previously marketed for sale in 2021, reports suggested Brookfield had sought as much as £2bn.
According to its latest filed accounts for 2023, the enterprise recorded annual turnover of £214m alongside operational profits of £36.9m.
