Vroon, Britoil and Rederij Groen

Vroon sells significant part of offshore division to Britoil and Rederij Groen.

Singapore-based Britoil Offshore Services has acquired 30 offshore vessels and two supporting management offices from Dutch shipping company Vroon. In addition, Dutch shipping company Rederij Groen acquired two offshore vessels. JBR assisted Vroon in the sale process of the offshore division as corporate finance advisor.

Founded in 1890 by the Vroon family, the Dutch shipping company operated for many years from the town of Breskens before relocating to Breda in 2015. Over the years, Vroon has grown into an internationally leading maritime service provider known for its progressive approach to safety, quality standards, working conditions, and its impact on climate and the environment.

The transaction of the offshore division is part of a financial and organisational restructuring of the company. Following the crisis in the offshore sector that started in 2014, Vroon faced financial difficulties. After an intensive restructuring process, Vroon reached an agreement with its financiers to sell the majority of its offshore division. Finalising this transaction marks the end of the restructuring for Vroon.

The internationally acclaimed reputation of Vroon and its offshore division, combined with improving market conditions, attracted a lot of interest from potential buyers. Nevertheless, a careful process was needed to establish the right transaction with a suitable buyer. It was essential for Vroon to find an optimal and sustainable solution for all parties involved, with a strong emphasis on the interests of its employees and customers. This ultimately led to the transaction with Britoil and Rederij Groen.

Britoil Offshore Services has been active in Offshore Support Services since its establishment in 1988. Acquired in 2021 by HICO, the investment company of the Hartnoll family, Britoil primarily operates in Southeast Asia and the Middle East. The acquisition of a significant portion of Vroon's offshore division aligns with Britoil's growth ambitions, expanding its geographical footprint, diversifying its customer portfolio, and bringing valuable knowledge and expertise on board. Additionally, there is significant potential for synergies in overlapping activities, creating a robust platform for future growth.

Simultaneously with Britoil's transaction, Rederij Groen has acquired two offshore vessels from Vroon. The Dutch shipping company operating from Scheveningen expands its fleet and expertise with this transaction.

The "new" Vroon now looks to the future as a strong, internationally operating shipping company. After the transaction, Vroon’s fleet consists of 65 specialised vessels, including tankers and livestock transport ships. In the offshore segment, Vroon remains active with Emergency Response and Rescue Vessels (ERRVs).

JBR supported Vroon throughout the entire sales process as Corporate Finance advisor. From the preparation of marketing documentation and approaching the market, during complex negotiations, through an extensive due diligence process, up until the ultimate closing, parties worked together intensively. Due to the delivery of a large number of vessels in different phases and Vroon's restructuring during the process, it was not a typical M&A process. Carefully coordinating all steps of the process and creating consensus among a large number of stakeholders and external advisors, were crucial success factors in achieving the final result. Rocher Hulst explains: "We are immensely proud that such beautiful transactions have been established in this complex situation. We are grateful to our client Vroon for the trust confided in us to advise them on these transactions. We wish Vroon all the best in continuing the heritage of the family business."