Wilhelmsen Acquires Tank and Cargo Hold Cleaning Firm Navadan
Wilhelmsen Ships Service announced it has entered into an agreement to acquire tank and cargo hold cleaning company Navadan.
Wilhelmsen Ships Service will take 100% control of Navadan, which will retain its brand and operate as a fully owned subsidiary for the first period after the completion of the agreement.
Completion of the transaction is subject to predetermined conditions and is expected to take place in the first quarter of 2023.
“Navadan have built a strong position as experts within their field. In addition, we really like their way of operating with short lead times and quick deliveries supported by a network of toll blenders. This is a highly complementary match for us, and I am really looking forward to completing this transaction to keep growing both companies together,” said Kjell André Engen, president of Wilhelmsen Ships Service.
Peter Krogh, owner and CEO of Navadan, said, “It has been a tremendous journey for the last 25 years, building Navadan into a strong supporting player for the commercial shipping industry together with all our colleagues.
“I have this last period considered options on how to build Navadan even stronger for the future. One of these options have been to have another maritime player take over the ownership, offering both complementary competencies and distribution, as well as funding to invest in future growth. I see no better fit for this than Wilhelmsen Ships Service with their global maritime network.”