zoomImage Courtesy: Ernst Russ

Germany-based investment company HCI Capital has taken a further leap into the shipping industry with the acquisition of the compatriot shipping firm Ernst Russ GmbH & Co. KG.

According to the company, the acquisition is taking place by means of a capital contribution in kind, which will increase the share capital of HCI Capital by EUR 6.2 million (USD 6.9 million) to EUR 32.4 million.

With the acquisition of the 1893-founded Ernst Russ, HCI’s managed fleet and maritime services would be expanded, as “a fleet of seven container and four RoRo vessels” is expected to join their new owner.

“The acquisition of Ernst Russ GmbH & Co. KG expands our managed fleet, completes our range of maritime services and underlines the consistency with which we are pursuing our strategy,” Jens Mahnke, Executive Board member at HCI Capital AG, said.

Ernst Russ’ other investments include CombiTrade GmbH, an international shipyard agency, and an investment in the broking house Ernst Russ Shipbroker GmbH & Co. KG.

“Ernst Russ Shipbroker GmbH & Co. KG will strengthen its service portfolio in the brokerage segment and CombiTrade GmbH will give the group privileged access to a large network of shipyards,” the company said.

With the acquisition of Ernst Russ, HCI Group will have more than 40 ships under direct management and over 180 fund vessels managed by other shipping partners.