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Family business roundup: Kering and Maersk; rumoured division sale at Vossloh

Kering completes the sale of two of its Scandinavian businesses; two big shipping families make a deal; Vossloh may sell locomotives division.

Kering completes the sale of two of its Scandinavian businesses; two big shipping families make a deal; Vossloh may sell locomotives division.

Kering
Kering, Francois-Henri Pinault's luxury goods group, has announced that its Redcats subsidiary has completed the sale of two of its Scandinavian brands – internet shopping brand Ellos and home textiles company Jotex – to private equity company Nordic Capital Fund VII.

The €275-million deal is the latest move in Kering's strategy to move its entire brand portfolio into the luxury, sport and lifestyle sectors.

Maersk/ BW Group
Two large family shipping businesses have completed a deal for the sale of a fleet of large gas carriers, which transport liquefied gases across the world.

BW Gas, a division of the Sohmen-Pao family's Norway-based BW Group, has bought five of the VLGC vessels from Maersk – controlled by the Mc-Kinney Moeller family – as well as taking over the leases of another five vessels originally loaned to the Maersk Tankers division.

The deal is rumoured to be worth $310 million (€234 million) to $320 million, although this was unconfirmed by either company. Denmark-based Maersk said the sale was part of its strategy to focus on fewer segments; it has now exited gas shipping.

Andreas Sohmen-Pao, third-gen chief executive of BW Group, said in a statement: "With this purchase, we will be able to deliver even more flexible service to our customers, providing ready access to vessels in all regions at all times."

Vossloh
The German rail infrastructure and locomotives company Vossloh is rumoured to be considering the sale of its locomotives division, and UBS bank has been appointed to consider the possibilities, according to Reuters.

Controlled by the eponymous family, the company dates back to 1888 and had annual revenues of €1.2 billion in 2012. According to reports, a Chinese buyer has approached the company, but Vossloh did not respond when approached by CampdenFB for comment.  

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