Vitol Buys Stake in Sargeant Marine
The Vitol Group and Sargeant Marine, an asphalt trading, storage and transportation business, announced that Vitol will acquire a 50 percent interest in Sargeant Marine for an undisclosed sum.
Sargeant Marine comprises a global trading operation, which distributes asphalt to customers worldwide, and two terminals in Rotterdam, Netherlands and Constantza, Romania.
On completion, it is anticipated that the new, combined business will trade circa 1.3 million metric tons of asphalt per annum, with hubs in Florida, London and Singapore, and operate a fleet of 13 specialist vessels. It will also benefit from access to Vitol’s asphalt production around the world.
The transaction is expected to complete in the first quarter of 2016. Until completion, day to day operations will remain unchanged.
Seward & Kissel LLP served as counsel to Sargeant. The Seward & Kissel team was led by partner Lawrence Rutkowski, counsel Nick Katsanos, and associates Daniel Avezbaki, Kurt Plankl, and Kaitlyn Pasco.