Contracts with the previous majority shareholder, Premicon, and other stakeholders affiliated with Premicon were signed in September, and the deal is expected to be completed by mid-October. Köln-Düsseldorfer said River Advice is also going to make an offer to the holders of KD's remaining 3% free-float shares.
KD is Germany's market leader for day excursions on inland waterways. The company, founded in 1826, operates 12 day excursion vessels on the Rhine, Main and Moselle rivers. An affiliate, KD Cruise Services, acts as technical and nautical manager for 34 river cruise ships throughout Europe. Also part of KD is Luxembourg-based KD Europe, which handles nautical and culinary operations for the owned fleet.
Robert Straubhaar, ceo of River Advice, described KD as a modern company with an excellent reputation in day excursion shipping, event management and chartering. Straubhaar also called KD Cruise 'among the best' companies in river cruise ship management.
Straubhaar said River Advice's takeover of KD offers synergies in technical management, purchasing, education and crew training as well as ship management.
KD confirmed its senior management will remain in place. Chairman Achim Schloemer said the acquisition opens a new chapter for KD and strengthens the company. Potential growth areas have been identified and will be implemented gradually in cooperation with River Advice.
Between 2010 and 2013, KD was involved in ocean cruising through an affiliate, KD-Bereederung, which handled Astor's nautical and technical management. This affiliate was sold to Global Maritime Group in April 2013. Today the activities of KD are entirely concentrated on inland passenger shipping.
River Advice was founded by Straubhaar in 2004. Employing about 1,500 staff, the Swiss company today manages 45 river ships on behalf of 20 owners and operators.
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