PGGM-backed Olmar Closes Acquisition of Majority Shares of Finnish RP Logistics Oy

Zeist, 21 December 2023 – Olmar, majority-owned by PGGM, has successfully entered into a Share Purchase Agreement acquiring the majority of shares of the Finnish RP Logistics Oy (www.rpgroup.fi). The acquisition, marking Olmar's second major takeover since partnering with PGGM in logistic port infrastructure investments in 2022, was closed on December 19, 2023.

RP Logistics Oy and its subsidiaries, operating in the Hamina-Kotka and Nurmes areas in Finland, boasts a significant presence with a large fleet of handling equipment, warehouses, and extensive outside storage space, all managed by its dedicated workforce of around 100 employees. The company plays a pivotal role as a key service provider to sustainable forest product suppliers, including timber and pulp/paper. This strategic move aligns with Olmar's commitment to contributing to circular building and reducing reliance on petroleum-based plastics.

Olmar is dedicated to maintaining and enhancing the services provided to RP Logistics' clients while prioritizing the decarbonization of port operations.

This acquisition will expand Olmar's footprint, adding six locations in Hamina, Kotka, and Nurmes (Finland). Founder of RP Logistics, Petri Lempiäinen, will continue to be involved as an advisor, while Olmar Finland’s Managing Director, Timo Lehtinen, will take on expanded management responsibilities for RP Logistics’ operations and its employees, alongside managing the existing Pori (Finland)operations.

The PGGM-Olmar joint venture focusses on investments in strategic port infrastructure which needs more sustainable processes as well as investments in digitisation and automation. Acquisitions are aimed at strengthening and extending logistic infrastructure which companies processing raw materials depend on. In 2022, the joint venture did its first takeover of port infrastructure in the Finnish city of Pori.

Olivier van Noort, co-managing partner at Olmar, expressed enthusiasm about the inclusion of RP Logistics in the Olmar Group, stating, "We look forward to including RP Logistics in our Olmar Group, together with the employees. A key focus will be on continuing to serve its clients and handle their sustainably harvested forest products. Similar to our Pori acquisitions last year, it is our intent to operate long term."

Dennis van Alphen, head of Infrastructure investments at PGGM added: "Acquiring these majority shares of RP Logistics is a great example of how we want to build and grow the PGGM-Olmar platform of strategic logistics assets. It allows PGGM to generate a sustainable return on investment for its clients like Pensioenfonds Zorg en Welzijn. Obviously, we are keen to expand our operations through acquisitions and developments in other geographies where strategic cargo flows are being handled.

About PGGM Investment Management:
PGGM Investment Management is part of the Dutch not-for-profit pension fund service provider PGGM. It fulfils a social mandate: the sustainable investment of the pension capital of around three million participants of PFZW, the pension scheme for the Dutch health and welfare sector. On September 30, 2023, PGGM IM managed EUR 221 billion in public and private markets globally. More information about PGGM IM can be found in the PGGM IM 2022 Annual Report.

About Olmar:
Olmar was purposely created to (co-)own & operate strategic logistics assets in long-term partnerships serving the commodities industry, such as port terminals. The strategic aim of Olmar is to build and invest in a platform of high-quality maritime logistics assets with a low-risk profile, generating stable returns for its investors. Founded by managing partners Olivier van Noort and Martijn Snijder, together with key investor PGGM, Olmar has a perpetual investment horizon. For more information, visit www.olmar.fi and www.olmar.nl.