EuroHoldings, the NASDAQ-listed container shipping company spun off from Euroseas earlier this year, has announced a change in ownership following the sale of 51.04% of its outstanding common shares to Marla Investments, an entity affiliated with Greece’s Latsis family.
The shares were sold by members of the Pittas family, EuroHoldings’ founding shareholders, for $12.90 per share in a transaction that values the block at approximately $18.5m. In addition to the upfront consideration, the sellers will receive quarterly contingent payments tied to the continued charter employment of the company’s two feeder containerships, Joanna and Aegean Express.
Following the transaction, the Pittas family retains a 7.6% stake in the company. Two of the company’s directors, chairman and CEO Aristides Pittas and CFO Anastasios Aslidis, have stepped down from the board, making way for two appointees proposed by the new shareholder: George Margaronis and Christos Triantafillidis.
The company’s management structure will remain unchanged, with Eurobulk and Eurochart —entities affiliated with the Pittas family—continuing to provide executive, technical, and commercial management services.
Margaronis, vice president of Marla Investments, commented: “With a presence in shipping of over 80 years, the Latsis family is excited that it has consummated its first transaction that relates to the US public markets, to complement its other public and private investments in a variety of sectors and countries.”
