Maritime Logistics Professional

 

 Braemar is a leading international provider of broking, consultancy, technical and other services to the shipping, marine, energy, offshore and insurance industries. NAVES is a corporate finance advisory business focused on the maritime industry to create a new division within Braemar to be known as the Financial Division.

 

The consideration payable for the Acquisition is €24.00 million (subject to a customary adjustment based on target working capital) rising to a maximum of €35.00 million should earn-out payment terms and conditions be satisfied.

 

Acquisition terms structured to incentivise long term profit growth in NAVES. Cash element of consideration will be financed from funds drawn down under a new credit agreement entered into by the Company and the Company’s own resources and cash flow.

 

James Kidwell, Chief Executive Officer of Braemar said: “We are delighted to announce this acquisition which is in line with our stated strategy of growing a diverse maritime business. The Board has been looking for high quality acquisitions for some time as a key part of Braemar’s growth strategy. NAVES not only introduces a new service offering for Braemar, enhancing our ‘full service’ offer to our customers, but also widens our geographical footprint. I look forward to welcoming NAVES’ senior management and all staff to Braemar and we look forward to working together.

 

“We have plans to develop the NAVES business within the Group considerably as this acquisition marks a very good entry level into this growing niche market. It also signifies Braemar’s return to growth and I have no doubt that this will create further value for shareholders. The Board will continue to focus on both organic and acquisitive growth and we look forward to updating shareholders on our progress as we pursue our growth strategy,” James added.

 

Axel Siepmann and Mark Kuchenbecker, Managing Partners of NAVES said: “At NAVES, we have long viewed Braemar as a complementary growth business with a culture and ambitions aligned to our own. There is clearly a strong fit to our business as mainly we offer different services to a similar client base and, together with Braemar, we feel that NAVES can accelerate its growth further."