Port, logistics and towage services provider SAAM announced on Friday that it has finalized a $49.7 million deal to purchase 70% of post-capitalization shares of Intertug, enabling SAAm to begin towage operations in Colombia and expand its operations in the Mexican and Central American markets where Intertug has an established a presence.
SAAM’s CEO, Marcario Valdés, said, “With this deal, we improve our standing as the top tug operator in the Americas. It is consistent with our strategy of being leaders in the consolidation process that the industry is experiencing. Our current coverage in the Americas is second-to-none and we are taking that a step farther as we enter the Colombian market with Intertug.”
Valdés said the company will now begin the integration process aiming to “capitalize on growth opportunities, implement our operating model and processes and harness the synergies we have with the 11 countries where SAAM Towage operates.”
The purchase will be financed through a combination of debt and corporate resources. The stake in Intertug will be acquired via a capital increase and share purchase, which will provide the company an adequate capital structure to advance its growth and efficiency plans.
Intertug has more than 25 years’ experience providing harbor towage, offshore and special services. Its 25-vessel fleet logs more than 18,000 maneuvers a year.
Meanwhile, SAAM Towage has a fleet of over 150 tugs at more than 70 ports throughout the Americas. Its tugs log over 100,000 maneuvers each year.