Norway´s Eitzen expands its shipping business with the acquisition of the Danish shipping company B-Gas from Bergshav and its partners for an undisclosed sum.
B-Gas wholly owned by Bergshav and its partners, previously owned by Camillo Eitzen, owns and operates ten LPG vessels, which mainly operate in the northwest European market.
Eitzen has specifically acquired B-Gas A/S, B-Gas NSG, B-Gas Pelagic and their subsidiaries (collectively, B-Gas) from Bergshav Shipholding.
B-Gas also commercially controls three LPG carriers though commercial management and time charters. The company’s commercial and operational headquarters are located in Hellerup, Denmark.
B-Gas offers logistic solutions for sea transportation of LPG and petrochemical gases with a focus on the North-western European LPG shipping market.
“Acquiring B-Gas is another big step in Eitzen’s ambition in becoming a leading owner and operator of liquefied gas carriers and we are very pleased that we have now secured a strong foothold in the coaster gas market,” commented Axel C Eitzen, Executive Chairman of Eitzen. “We are very positive about the outlook for the LPG and Petrochemical business in Northwest Europe and we see synergies between B-Gas and our chemical company Christiania Shipping, which operate with same size of vessels in the same geographical markets and with the same clients.”
The press release does not provide details on the price of the transaction.
Atle Bergshaven, executive Chairman of Bergshav, stated: “With the strong market in mind the timing of the sale of B-Gas makes a lot of sense for us and I have no doubt that Eitzen is the right buyer to bring B-Gas to the next level in supplying safe and first-class logistical solutions for the clients of B-Gas going forward, with the assistance of the experienced team in Hellerup.”
Andrew C. McPhail, CEO of B-Gas said “At B-Gas we are pleased to become a part of the Eitzen Group. The new owner brings strong expertise and shipping knowledge, and we very much look forward to the future cooperation.”
He also added that “this will furthermore provide a solid platform on which we can continue to grow our businesses in the LPG and Petchem coaster market, where we see strong potential for consolidation and growth.”
