A.P. Moller Capital has agreed to take a 53.35% stake in Thaumas N.V., the holding company that indirectly controls Euroports Group, placing one of Europe's largest bulk and breakbulk terminal operators under the majority ownership of the A.P. Moller Holding-backed fund manager.

The seller, shareholder R-Logitech, disclosed the transaction size but not the price. The final purchase consideration will be tied to Euroports' consolidated EBITDA for 2026, and the parties expect regulatory and other approvals to clear during the first quarter of 2027.

The acquisition puts A.P. Moller Capital — which invests through a separately managed fund vehicle — at the head of an operator running more than 50 deep-sea and inland terminals across 10 European countries and China. Euroports handles in excess of 70 million tonnes of bulk, breakbulk and liquid bulk cargo every year, spanning fertilizers, agricultural products, sugar, fruit, forest products, metals and minerals. The group employs around 3,000 people.

Belgian public investment groups SFPIM and PMV will remain shareholders alongside the new majority owner, keeping a strategic Belgian anchor in the capital structure.

What it means commercially

For shippers moving non-containerized commodities through European gateways, the change in control is unlikely to disrupt near-term operations. A.P. Moller Capital said Euroports' existing management structure, governance framework and strategic direction will stay in place, and the new ownership group plans to back expansion — broadening the terminal footprint and chasing additional customers and cargo volumes.

That growth agenda points toward more capacity and service breadth for bulk and breakbulk cargo owners, at a time when commodity flows that underpin European industry, food systems and manufacturing increasingly depend on a concentrated set of independent terminal operators.

The deal also carries implications for Euroports' freight forwarding arm. The group operates Manuport Logistics, an independent forwarder active in more than 20 countries, and MPL will continue operating under its own brand after completion — preserving its position in the market even as its ultimate ownership shifts.

For A.P. Moller Capital, the transaction marks its second major investment in European port and logistics infrastructure after BERGÉ Logistics in Spain, deepening its exposure to European bulk and breakbulk cargo flows. The firm, part of A.P. Moller Group, invests primarily in transportation, logistics and energy infrastructure.

Strategic framing

Kim Fejfer, managing partner and CEO of A.P. Moller Capital, framed the investment in supply-chain terms.

"In a changing world, resilient supply chains and secure trade flows are increasingly essential to economic stability and growth," Fejfer said, describing Euroports as one of Europe's largest non-containerized port infrastructure operators.

For Belgium's public investors, the deal has a domestic dimension. SFPIM CEO Koen Van Loo said the fund will stay in the capital as part of a deliberate policy of keeping strategic assets on Belgian soil.

"SFPIM reaffirms its role as a key investor in anchoring strategic assets in Belgium," Van Loo said.

Euroports CEO Frédéric Platini cast the new ownership as a platform for growth rather than a reset.

"This transaction marks the beginning of a new chapter for Euroports, providing a strong basis to continue its growth trajectory, pursue new opportunities and build on the solid foundations that have underpinned its success to date," Platini said.

Timeline and conditions

Financial terms remain undisclosed. Completion hinges on regulatory and other customary approvals, with closing expected by the end of the first quarter of 2027 at the latest.

The EBITDA-linked pricing mechanism means the final value of the stake will only crystallize once Euroports' 2026 results are in — an alignment structure that ties the seller's return to trading performance through a period in which the new owners plan to push expansion.

Until closing, it is business as usual at the terminals, the forwarding brand and the group's Antwerp-rooted governance. Beyond that, expect the A.P. Moller Capital-backed group to pursue added bulk and breakbulk capacity across its European and Chinese network as consolidation among independent terminal operators continues.