FRS IBERIA MAROC acquired by DFDS

Completed in September 2023, DFDS entered into an agreement to acquire FRS Iberia/Maroc, a division of the German short-sea ferry company FRS, taking control of the Strait of Gibraltar operator. The transaction valued FRS Iberia/Maroc at an EV/EBITDA multiple of 6.0x. The company's forecast revenue stood at , with an EBITDA margin of . FRS Iberia/Maroc employed 750 people and expected to carry 370,000 cars, 2.3 million lane metres of freight and 1.9 million passengers in 2023, holding market shares of around 28 to 30 percent depending on the segment. The acquisition expanded DFDS' Mediterranean route network, which already connected Europe with Türkiye and Tunisia, into a ferry market expected to benefit from the nearshoring of manufacturing supply chains closer to end markets in Europe. DFDS planned to apply capabilities and experience from its Channel short-sea market to the Strait of Gibraltar infrastructure. The integration was expected to bring operating benefits including tonnage allocation and the application of business model insights from existing freight ferry routes and the combined freight and passenger Channel short-sea routes. Synergies and integration plans were to be disclosed in connection with the closing of the transaction. Following the earthquake in Morocco, the FRS Group offered Moroccan authorities assistance with the transport of emergency supplies, medicine and other relief equipment, efforts that DFDS supported while exploring further assistance through diplomatic representatives.

The acquisition of Frs Iberia Maroc is part of the growth strategy of Dfds, which already has several external growth operations under its belt, notably Estron Group in 2023.