“This acquisition has a very good strategic fit for us, and it will strengthen and expand the leading positon WMS has within the maritime service industry,” says Dag Schjerven, president and CEO of WMS. “WMS’ ambition is to create a leading maritime services competence cluster and the acquisition of Callenberg accords with that strategy. Since the formation of WMS in 2005 we have successfully integrated Unitor into our portfolio, and Callenberg complements our current range of equipment and services to the maritime industry in a very good way. Integrating Callenberg into WMS will provide considerable commercial synergies, especially in the new building, retrofit and offshore markets.”
WMS has agreed to acquire the share capital of the Company for MSEK 367 based on an enterprise value of MSEK 650 per end of last year. In 2006, Callenberg’s turnover was MSEK 930 and EBITDA was MSEK 78. As of 31.12.2006, the Company had total assets of MSEK 664.6 and shareholders funds of MSEK 44.2. Callenberg employs approximately 500 people worldwide. The transaction will be financed from WMS’s internal resources and by bank debt.
“We are continuing to broaden the scope of our maritime services offering, and creating a better balance in our group portfolio of shipping, logistics and maritime services,” says Ingar Skaug, group CEO of WW ASA. “Callenberg will contribute to increase our competence and technology level in the service business. In the broader perspective, they will strengthen our ability to secure a leading role in the future development of the maritime service industry.”
About half of Callenberg’s turnover stems from delivering complete design and systems to new building yards and the offshore markets, and the remainder is service, repairs, spare parts and retrofits sales to ship owners and operators. Callenberg will continue as a stand alone subsidiary of WMS under its current president Lars Marcusson. The Company operates on a worldwide basis and is situated in Scandinavia, Miami, Singapore and Shanghai.
“We are delighted that WMS has agreed to acquire Callenberg” says Lars Marcusson, president and CEO of the Callenberg Group. “It gives us the opportunity to be owned by a worldwide leading maritime services company and to expand our design, products and services within a truly global network and sales organisation.”
The transaction has been concluded with Callenberg’s principal shareholder Segulah II L.P., a Jersey Limited Partnership, owning 90% of the shares. The completion of the transaction is inter alia subject to satisfactory documentation, confirmatory due diligence, regulatory approvals and competition related matters. The share purchase agreement is planned to be signed no later than end October 2007. WMS will negotiate the share purchase agreement with Segulah on an exclusive basis, and all Callenberg management shareholders will under the shareholder agreement with Segulah sell their shares at the same conditions, giving WMS control of 100% of the shares.
EC Hambro Rabben & Partners Ltd is acting as corporate finance advisor to WMS.
Callenberg is based in Sweden and operates worldwide with a turnover (2006) of SEK 930 million and with SEK 78 million EBITDA. Callenberg delivers products, systems and services to ships in service, newbuilds and retrofits and to the offshore segments. It is delivering systems and equipment within the areas of electricity, automation and HVAC (heating, ventilation and air conditioning). Callenberg employs some 500 people and has its headquarter in Uddevalla, Sweden, with branch offices in Gothenburg (Sweden), Odense (Denmark), Oslo (Norway), Miami (USA), Singapore and Shanghai. For further details see, www.callenberg.se.
Wilh. Wilhelmsen is a leading global maritime industrial group. It has 13 300 employees in its wholly-owned companies and employs 23 000 people when joint ventures are included. WW’s wholly-owned companies have 352 offices in 71 countries. These figures rise to 516 offices and 79 countries with joint ventures included. For further details, see www.wilhelmsen.com.
Wilhelmsen Maritime Services AS (WMS) is a wholly-owned subsidiary of Wilh. Wilhelmsen ASA. It occupies a leading position in the global maritime service industry and aims to be the shaper of the maritime service industry. Working through four business areas - Barwil Unitor Ships Service, Barber Ship Management, Unitor Ships Equipment, and Maritime Solutions & Financial Services - the company has 4 700 employees working from 352 offices in 71 nations. Through its global network, WMS has the capacity to deliver products and services in 2 200 ports in 116 countries. For further details, see www.wilhelmsen.com.
Further information from:
WMS Dag Schjerven, President and CEO +47 67 584707 (office)
WW ASA Cecilie Stray, VP Group Communications +47 67 584160 (office)
+47 977 00802(mobile)