ACM Shipping Group Plc., a leading international tanker broker, is pleased to announce that it has entered into an agreement to acquire the shipbroking business of Harris & Dixon Shipbrokers Limited ("Harris & Dixon"). The total consideration payable will be £2.5 million in cash, which will be funded from the Group's existing cash resources and a credit agreement with ACM's bankers. Long established, London based Harris & Dixon is an oil transportation broker specialising in small tankers. They are one of the leading shipbrokers in this field and provide both spot and time charter broking. Harris & Dixon's clients include major and independent oil companies, oil traders, together with ship owners. For the year to 31 December 2007, on an unaudited basis, Harris & Dixon had revenue of £2.1 million and made a profit before interest of £0.8 million, before paying out staff and director bonuses.
Commenting on the acquisition of Harris & Dixon, Johnny Plumbe, Chief Executive of ACM, said: "This acquisition is an excellent strategic step for ACM as they specialise in the one area of tanker broking that ACM is not currently involved in. Furthermore the deal will quickly become earnings enhancing. Harris & Dixon have an extremely experienced broking team who are committed to the Company for the long term; they bring with them a solid forward book and the combined customer bases will provide further exciting trading opportunities for the Group."
Commenting on the acquisition of Harris & Dixon, Johnny Plumbe, Chief Executive of ACM, said: "This acquisition is an excellent strategic step for ACM as they specialise in the one area of tanker broking that ACM is not currently involved in. Furthermore the deal will quickly become earnings enhancing. Harris & Dixon have an extremely experienced broking team who are committed to the Company for the long term; they bring with them a solid forward book and the combined customer bases will provide further exciting trading opportunities for the Group."