Wilhelmsen Maritime Services (WMS) says it has signed a letter of intent with the Nordic private equity fund FSN Capital to establish a joint venture within engineered solutions, equipment and services to the maritime and offshore markets currently trading under the business area Wilhelmsen Technical Solutions.
The new company, to be owned 50% each by Wilhelmsen Maritime Services (WMS) and FSN Capital, comprises the business within HVAC, insulation, electrical and automation including the brands Callenberg, TI Marine Contracting and newly acquired IES Ltd. The new company, to be established on book value, had an annual revenue of USD 203 million in 2013 and will employ some 1 000 people in 15 countries.
“To be able to expand our business within HVAC, insulation, electrical and automation to the next level, we have decided to establish a joint venture with FSN Capital,” explains Dag Schjerven, president and CEO of Wilhelmsen Maritime Services.
“Combining our excellence within engineered solutions, equipment and services towards the maritime and offshore markets with FSN Capital’s experience related to developing and globalising industrial enterprises, will enable us to continue to develop the business and take our share of the expected market potential. The new joint venture will provide a sound platform enabling the necessary flexibility, resources and competence to realise further growth.”
The ambition is to set up the new joint venture within the end of the second quarter.
“The new company will create a solid foundation to continue our customer focused strategy and a platform for capturing market opportunities when they arise. Our aim and aspirations is to make a difference with our solutions and we are committed to shape the competitive landscape in the business where we operate says Petter Traaholt, who will head up the new joint venture to be headquartered in Gothenburg, Sweden.
The remaining solution area Safety, including fire suppression and prevention (Unitor, Maritime Protection and NOxCare brands), will continue to be owned 100% by Wilhelmsen Maritime Services.