FRS has agreed to sell its subsidiary FRS Iberia with operations in the Strait of Gibraltar to DFDS

FRS Iberia Group

FRS Iberia Group, founded in 2000 and headquartered in Tarifa, Spain, is a leading ferry operator in the Strait of Gibraltar for passenger and freight operations, being the only player operating in all ports of this region. FRS Iberia Group operates with a fleet consisting of five high-speed catamarans, two classic car ferries and one Ro-Ro ferry. The group has experienced extraordinary success over the course of the last two decades, despite strong competition. In 2023, the group expects to transport 1.9 million passengers and 370,000 vehicles.

The Deal

Lincoln International acted as the exclusive financial advisor to FRS, working closely with the company’s management team and shareholders throughout the sale process. While the deal completion is subject to regulatory approval from both Spanish and Moroccan competition authorities, the successful agreement for the sale of the FRS business in the Strait of Gibraltar underscores Lincoln International’s position as a leading global mergers and acquisitions advisor in complex, cross-border corporate carve-out transactions.

Our Perspective

Dr. Michael Drill, Managing Director and Chief Executive Officer of Lincoln International Germany, commented, “The FRS Iberia Group transaction is another example of our strong expertise in successfully advising complex cross-border transactions. Key success factors for this transaction were a comprehensive preparation and an ambitious management team fully committed to continue FRS Iberia’s impressive growth path.”

Iñigo González de Castejón, Lincoln International Managing Director who co-led the transaction, commented, “The FRS Iberia Group transaction enhances our expertise in the transport sector and exemplifies Lincoln International’s ability to offer a seamless global collaboration to ensure a successful transaction, regardless of the difficult environment and recent challenges in the area.”


FRS, headquartered in Flensburg, Germany, is an international privately-owned ferry operator that operates 70 vessels across 40 countries with a workforce of more than 1,500 employees. The group carries 7.4 million passengers and 1.7 million vehicles annually. FRS is also active in the areas of offshore logistics, port management, crewing and maritime management consultancy.


DFDS, headquartered in Copenhagen, Denmark, is a leading international shipping and logistics company listed on Nasdaq Copenhagen with an annual revenue of DKK 27bn and 12,800 full-time employees. The group’s operations comprise of ferry and logistics services connecting European countries with each other as well as Turkey. DFDS operates a network of routes through which it provides both freight (Ro-Ro) and passenger (Ro / Ro passenger) transport services. The company also offers logistics services in the regions served by their ferry routes, ranging from door-to-door transports of full loads to complex solutions for major industrial customers.

Connect with a Senior Team Member
The Lincoln International team provided great support to FRS throughout a very complex transaction process. We are pleased to have found a partner in DFDS, backed by highly experienced industry veterans, who will continue to run the company in a proven manner to ensure its continued growth and take good care of our employees.
Götz Becker
Chief Operating Officer of FRS

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Any information or testimonials contained in this post may not be representative of the experience of other clients and is no guarantee of future performance or success.