Grangemouth’s Forth Ports changes hands at the top

Charles Hammond, group chief executive of Forth Ports
Charles Hammond, group chief executive of Forth Ports

The firm which operates the Port of Grangemouth has seen its main investor sell all its shares to another company.

Forth Ports Ltd, one of the UK’s largest port groups, announced this morning Arcus European Infrastructure Fund had agreed to sell its shares in the company to the Public Sector Pension (PSP) Investment Board.

After financial completion, PSP Investments plans to partner with other long-term investors to support the future growth of Forth Ports.

Charles Hammond, Forth Ports group chief executive, said: “This is an exciting time for Forth Ports as we continue to deliver our ambitious expansion and investment programme around the UK. Our colleagues at PSP are already long-term, committed shareholders and this new investment ensures continuity for the business as we evolve to meet the customer demands of the future.

“I want to personally thank Stuart Gray, Simon Gray and all the team at Arcus for their constant support, insight and strategic guidance over the past seven years. Forth Ports is in a strong position with a clear vision for the future.”

Arcus has been a long-term shareholder in Forth Ports and the firm wished the management team every success for the future.

Patrick Samson, PSP managing director, said: “This is a landmark transaction for PSP to increase our stake in a strategically located, top-tier infrastructure asset in the UK.

“Since PSP’s original investment seven years ago, Forth Ports’ world-class management team has led the company through consistent high performance and growth. We are now entering the next phase of our journey together, which includes a specific plan to enhance our asset management responsibilities.

“This plan is being headed by our London-based team under the leadership of Patrick Charbonneau, Managing Director, Infrastructure Investments (Europe).”