Triton Fund III, the European investment fund, (“Triton III”) has agreed to acquire the chemical tanker activities of the listed Danish shipping company Nordic Tankers A/S for USD 30 million. The chemical tanker activities include a fleet of nine owned vessels, six chartered vessels and approximately 70 vessels under commercial and pool management. It also includes the contract portfolio and the entire organisation of Nordic Tankers, encompassing commercial and technical management, administration and corporate management – approximately 140 employees.
Nordic Tankers’ chemical tanker activities will be combined with herning shipping, the chemical and products shipping company controlled by Triton III. The combined company will become the leading global regional chemical tanker operator with a total fleet of more than 120 chemical tankers. The new company will operate under the Nordic Tankers brand. Nordic Tankers’ current CEO, Tommy Thomsen, is to become CEO of the new company and Mads Meldgaard, interim CEO of herning shipping, will be part of the new management team.
“The combined company will be the market leader in the chemical tanker segment with a modern and high-end fleet with an average age of approximately five years. Nordic Tankers’ chemical tanker activities and employees make a perfect fit with herning shipping, and we look forward to working with new dedicated owners and skilled colleagues,” says Tommy Thomsen.
“As the leading player in our segment, we will be able to provide even stronger and more flexible solutions to all our customers and take on larger shipping contracts to become the preferred transportation supplier to the oil and chemical industry,” adds Mads Meldgaard.
“Triton III’s acquisition of herning shipping represented the first step in our consolidation strategy within the chemical tanker industry. With the addition of Nordic Tankers’ chemical tanker activities, the combined business creates the leading global chemical tanker company with strong regional positions. The two companies provide an excellent platform for further sustainable growth and consolidation. We acknowledge the hard work and strong commitment from both herning shipping and Nordic Tankers management and employees in the current challenging shipping market, and we look forward to continue supporting the combined company to take it to the next level,” says Björn Nilsson, Partner at Triton Advisers Limited, adviser to Triton III.
The transaction is subject to inter alia approval at Nordic Tankers’ annual general meeting on 20 April 2012 and applicable competition law approvals.
Nordic Tankers’ chemical tanker activities will be combined with herning shipping, the chemical and products shipping company controlled by Triton III. The combined company will become the leading global regional chemical tanker operator with a total fleet of more than 120 chemical tankers. The new company will operate under the Nordic Tankers brand. Nordic Tankers’ current CEO, Tommy Thomsen, is to become CEO of the new company and Mads Meldgaard, interim CEO of herning shipping, will be part of the new management team.
“The combined company will be the market leader in the chemical tanker segment with a modern and high-end fleet with an average age of approximately five years. Nordic Tankers’ chemical tanker activities and employees make a perfect fit with herning shipping, and we look forward to working with new dedicated owners and skilled colleagues,” says Tommy Thomsen.
“As the leading player in our segment, we will be able to provide even stronger and more flexible solutions to all our customers and take on larger shipping contracts to become the preferred transportation supplier to the oil and chemical industry,” adds Mads Meldgaard.
“Triton III’s acquisition of herning shipping represented the first step in our consolidation strategy within the chemical tanker industry. With the addition of Nordic Tankers’ chemical tanker activities, the combined business creates the leading global chemical tanker company with strong regional positions. The two companies provide an excellent platform for further sustainable growth and consolidation. We acknowledge the hard work and strong commitment from both herning shipping and Nordic Tankers management and employees in the current challenging shipping market, and we look forward to continue supporting the combined company to take it to the next level,” says Björn Nilsson, Partner at Triton Advisers Limited, adviser to Triton III.
The transaction is subject to inter alia approval at Nordic Tankers’ annual general meeting on 20 April 2012 and applicable competition law approvals.