KKR Closes $250M+ HSAM Deal via Borealis Maritime JV
July 24, 2015
Through a joint venture that invests in distressed shipping assets, KKR and Borealis Maritime have acquired Hanseatic Ship Asset Management, a subsidiary of Commerzbank, for $254.5 million. Commerzbank established HSAM, which has a portfolio of 18 container and dry cargo vessels, in 2013 as part of a strategy to efficiently reduce loan exposure to the shipping industry. KKR will fund the acquisition in part through its Special Situations Fund II.