Global marine fuels supplier Aegean Marine Petroleum Network Inc has agreed to acquire Verbeke Bunkering N.V. in its "largest acquisition to date," the company said in a statement Monday.
Verbeke, a leading physical supplier of marine fuel in the Antwerp-Rotterdam-Amsterdam (ARA) region, is thought to have sold some 3.5 million metric tons (mts) of marine fuel for during 2009.
The price of the transaction, which is scheduled to close by the end of the first quarter of 2010, was not disclosed
With the acquisition, Aegean said it intends to capitalize on "favourable growth prospects" in the world's second largest bunkering market.
"The accretive acquisition of Verbeke represents our largest acquisition to date, positioning Aegean well to significantly increase future sales volumes and strengthen the company's global brand recognition," said E. Nikolas Tavlarios, President of Aegean.
"In addition to establishing a strategic presence in this important region with considerable ship traffic, we expect to realize meaningful operating synergies with our Belgium-based subsidiary, Bunkers at Sea, which Aegean acquired in 2007," Tavlarios said.
Verbeke is majority owned by the fourth generation of the Verbeke family and has an operating history of more than 100 years, initially in shipping and subsequently in bunkering.
"Based on its extensive operating history and strong reputation for high-quality service, Verbeke has built a leading market position in the ARA region," Tavlarios said.
Aegean said that following the acquisition, Verbeke will operate as a wholly owned subsidiary of Aegean and maintain its headquarters near Antwerp.
The ARA supplier will continue to be led by its Chief Executive Officer, Tony Vertommen.
Tavlarios added that including the acquisition, Aegean has more than tripled its global reach since the company's IPO in December 2006.
"Consistent with management's opportunistic approach to consolidating the marine fuel supply industry in a disciplined manner, we expect to further expand Aegean's global market share and increase the Company's earnings power," he said.
The company said it planned to draw upon its revolving credit facilities and seek alternative financing to support its growth initiatives.
Verbeke Bunkering operates a total of 18 bunkering vessels, of which nine are owned and nine are chartered-in. Two of the nine owned vessels are joint ventures in which Verbeke holds a minority stake.
In connection with the acquisition, Aegean said that it has agreed to purchase the nine owned bunkering vessels and assume the contracts for the nine vessels chartered-in by Verbeke.
Additionally, it will assume the contract for a bunkering tanker new building, of which Verbeke holds a 50% stake, scheduled to be delivered in 2010.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that physically supplies and markets refined marine fuel and lubricants to ships in port and at sea. The company purchase marine fuel from refineries, major oil producers and other sources to resell and deliver these fuels using its own fleet of bunkering tankers to a wide range of ocean-going vessels and many types of coastal vessels, such as oil tankers, container ships, drybulk carriers, cruise ships and ferries.
Verbeke, a leading physical supplier of marine fuel in the Antwerp-Rotterdam-Amsterdam (ARA) region, is thought to have sold some 3.5 million metric tons (mts) of marine fuel for during 2009.
The price of the transaction, which is scheduled to close by the end of the first quarter of 2010, was not disclosed
With the acquisition, Aegean said it intends to capitalize on "favourable growth prospects" in the world's second largest bunkering market.
"The accretive acquisition of Verbeke represents our largest acquisition to date, positioning Aegean well to significantly increase future sales volumes and strengthen the company's global brand recognition," said E. Nikolas Tavlarios, President of Aegean.
"In addition to establishing a strategic presence in this important region with considerable ship traffic, we expect to realize meaningful operating synergies with our Belgium-based subsidiary, Bunkers at Sea, which Aegean acquired in 2007," Tavlarios said.
Verbeke is majority owned by the fourth generation of the Verbeke family and has an operating history of more than 100 years, initially in shipping and subsequently in bunkering.
"Based on its extensive operating history and strong reputation for high-quality service, Verbeke has built a leading market position in the ARA region," Tavlarios said.
Aegean said that following the acquisition, Verbeke will operate as a wholly owned subsidiary of Aegean and maintain its headquarters near Antwerp.
The ARA supplier will continue to be led by its Chief Executive Officer, Tony Vertommen.
Tavlarios added that including the acquisition, Aegean has more than tripled its global reach since the company's IPO in December 2006.
"Consistent with management's opportunistic approach to consolidating the marine fuel supply industry in a disciplined manner, we expect to further expand Aegean's global market share and increase the Company's earnings power," he said.
The company said it planned to draw upon its revolving credit facilities and seek alternative financing to support its growth initiatives.
Verbeke Bunkering operates a total of 18 bunkering vessels, of which nine are owned and nine are chartered-in. Two of the nine owned vessels are joint ventures in which Verbeke holds a minority stake.
In connection with the acquisition, Aegean said that it has agreed to purchase the nine owned bunkering vessels and assume the contracts for the nine vessels chartered-in by Verbeke.
Additionally, it will assume the contract for a bunkering tanker new building, of which Verbeke holds a 50% stake, scheduled to be delivered in 2010.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that physically supplies and markets refined marine fuel and lubricants to ships in port and at sea. The company purchase marine fuel from refineries, major oil producers and other sources to resell and deliver these fuels using its own fleet of bunkering tankers to a wide range of ocean-going vessels and many types of coastal vessels, such as oil tankers, container ships, drybulk carriers, cruise ships and ferries.