Triton to acquire Nordic Tankers’ chemical tanker activities
To be combined with herning shipping to create the
leading global regional chemical tanker company
27 March 2012 – Triton Fund III, the European investment fund, (“Triton III”) has today 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.
For further information, please contact:
Björn Nilsson, Partner at Triton Advisers Limited, + 44 20 7404 5959
Tommy Thomsen, CEO, Nordic Tankers +45 40 32 36 30
Mads Meldgaard, Interim CEO, herning shipping +45 96 26 66 52
About herning shipping
herning shipping is a leading chemical and products shipping company in the short sea segment. With a modern fleet of more than 40 vessels and offices in Herning, Copenhagen, Golf de Juan and Singapore, herning shipping provides high quality services to the world’s leading oil and gas companies as well as chemical companies. herning shipping has a strong reputation for safety and quality.
About Nordic Tankers
Nordic Tankers is a shipping company listed on NASDAQ OMX Copenhagen. Nordic Tankers operates a fleet of around 90 chemical and product tankers, with a main strategic focus on chemical tankers in the segment below 25,000 dwt. Nordic Tankers has offices in Copenhagen (headquarters), Stamford (Connecticut, U.S.), Houston (Texas, U.S.), Bogota (Colombia) and Riga (Latvia) and has about 140 employees.
About Triton
Triton is an investment firm dedicated to investing in medium-size businesses headquartered in Northern Europe with a focus on Germany, Switzerland, Austria and the four Nordic countries: Denmark, Finland, Norway and Sweden. Within this Northern European region, Triton focuses on businesses in three core sectors: Business Services, Industrials and Consumer / Health. For further information, please refer to Triton website www.triton-partners.com.