CVC DIF to Sell Stake in France LNG Shipping to Ocean Yield

In The Netherlands, CVC DIF has agreed to sell a 29% economic interest in France LNG Shipping (FLS) to Ocean Yield AS, a KKR-backed ship-owning company. FLS operates advanced Liquefied Natural Gas (LNG) carriers under long-term charters with top European energy firms.

The partnership and investment from CVC DIF funds have significantly expanded FLS’s LNG fleet. Over five years, CVC DIF and FLS’s management have collaborated with key maritime industry players to establish a leading French LNG shipping platform.

Willem Jansonius, Partner at CVC DIF, stated, “This transaction exemplifies our value-add strategy. FLS is a stronger business now than in 2019.” CVC DIF supports infrastructure businesses to achieve sectorial growth and generate returns for investors.

FLS is a joint venture between Japan’s Nippon Yusen Kabushiki Kaisha (NYK) and France’s Geogas LNG, which is co-owned by CVC DIF, Access Capital Partners, and Geogas Maritime. Investments from CVC DIF’s CIF I and CIF II funds financed the acquisition of new LNG vessels and Gazocean, a seasoned French ship management company.

The transaction, subject to conditions, is expected to close in the second half of 2024. CVC DIF was advised by Rothschild & Co, Orrick, Herrington & Sutcliffe, and other firms on the deal.

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