JBR M&A transaction

Vroon, Britoil and Rederij Groen

JBR has acted as M&A advisor to the Dutch shipping company Vroon in the sale process.

JBR Corporate Finance's deal team consists of : Kees van Biert, Rick ter Maat, Rocher Hulst, Charlotte Zoller and Jelmer Haites

 

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

JBR assisted Vroon throughout the sale process as Corporate Finance advisor.

From the moment sales documentation was prepared and the market approached, through complex negotiations and an extensive book review to the closing, the parties worked intensively together. Because the large number of vessels had to be delivered in phases and Vroon underwent restructuring during the process, it was not a typical sales process. Carefully coordinating process steps and creating support among a large number of stakeholders and external advisors were crucial success factors for the result achieved.

Facts and figures

Vroon

Vroon is an internationally operating maritime shipping company, headquartered in Breda, Netherlands. The company was founded in 1890 by the Vroon family and today operates in several maritime segments: Offshore Support Services, Livestock Transport and Product Tankers. In addition, it provides Ship Management Services and solutions for third parties. With its extensive history in the offshore sector, Vroon has accumulated valuable in-house knowledge and broad experience.

 

Britoil

Britoil is a Singapore-based offshore shipping company and has been in the energy industry for 35 years. The company was founded in 1988 and acquired in 2021 by HICO, the Hartnoll family's investment company. Britoil specializes in Anchor Handling, Towage and Sea Transportation. In recent years, the company has built a reputation for tailor-made offshore vessels. The company's ambition is to grow into a global player in this field.

 

Rederij Groen

Rederij Groen is a Dutch shipping company specialising in Offshore Support Services. Founded in 1973, the family-owned business operates from Scheveningen, focusing on guard and seismic support vessel operations for offshore projects.

Sept. 27, 2023

Press Release

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

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."

 

 

 

 

 

Contact the dealteam personally

http://Rick%20ter%20Maat

Rick ter Maat πŸ‡³πŸ‡±
Partner

http://Kees%20van%20Biert

Kees van Biert πŸ‡³πŸ‡±
Founding and Associate Partner

http://Rocher%20Hulst

Rocher Holly πŸ‡³πŸ‡±
Principal

http://Charlotte%20Zoller

Charlotte Zoller πŸ‡³πŸ‡±
Consultant Corporate Finance

http://Jelmer%20Haites

Jelmer Haites πŸ‡³πŸ‡±
Business Analyst