M&A Activity • Jun 23, 2016
M&A Activity
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WWH: Wilhelmsen joins forces with Survitec
Wilhelmsen Maritime Services AS (WMS), a fully owned
subsidiary of Wilh. Wilhelmsen Holding ASA, has signed
an agreement to join forces with the UK based Survitec
Group Ltd (Survitec). Together WMS and Survitec will
create a world-leading player within the maritime
safety industry.
As part of the agreement, WMS will transfer all of its
safety business to Survitec Group Ltd, which includes
Wilhelmsen Technical Solutions AS and the safety
competence, products and accompanying services in
Wilhelmsen Ships Service AS. Some 700 Wilhelmsen
employees will join the 2300 Survitec employees
creating the most comprehensive provider of safety
systems, products and services in the maritime
industry. With regards to yearly sales revenue this
merger is expected to result in a 200 MUSD decrease
for Wilhelmsen Maritime Services, while the new
Survitec group will increase their respective sales
revenue to a total of 600 MUSD.
- Upon completion of the merger, WMS will hold a 20%
stake in Survitec, which will ensure Wilhelmsen's
continued and significant involvement in a key market
that is driven by regulatory requirements, says Dag
Schjerven, president and CEO of WMS.
Survitec has been a supplier of rafts to WMS' life
raft rental and exchange programme for many years. By
combining their complementary solutions and services,
the two major industry players aim at creating a total
safety partner for the industry and additional
commercial success through realisation of synergies
and delivery of products and services on a greater
global scale.
- We have been working steadily with selected,
strategic acquisitions and new product developments to
become world leading within critical safety and
survival. Teaming up with WMS and the Unitor brand
brings us within close reach of our ambition and takes
us to a new level, says Brian Stringer, CEO at
Survitec.
A contract completion is expected in the fourth
quarter of 2016. In addition to receiving a 20%
shareholding in the Survitec Group, WMS will receive a
cash consideration of approximately USD 110 million
with a positive profit and loss effect of some USD 60
million once the contract is completed. As part of the
merger, Dag Schjerven, CEO and President of Wilhelmsen
Maritime Services, will take the position as board
member in Survitec.
For further questions:
Terje Borkenhagen, head of safety in Wilhelmsen Ships
Service and Wilhelmsen Technical Solutions
Contact: +47 950 85 523 /
Dag Schjerven, president and CEO of Wilhelmsen
Maritime Services
Contact: +47 908 37 955 /
Christian Berg, group CFO, Wilh. Wilhelmsen Holding
Contact: +47 917 46 910 /
Marius Steen, corp. comms, Wilh. Wilhelmsen Holding
+47 959 65 379 / [email protected]
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