Imtech expands global maritime network in South Africa, Panama and Norway
Imtech leading maritime services provider in fast growing South Africa market
Imtech (technical services provider in Europe and the global maritime market) announces that it has expanded its maritime service network with new branches in South Africa, Norway and Panama. In South Africa, it has acquired the maritime services provider Pertec. In Panama an asset deal has been made with a local maritime company, while Imtech has opened a new branch of its own in Norway. The new branches will be part of the Radio Holland Group network. Radio Holland Group is a member of Imtech N.V.
On the maritime market, Imtech is a major international player with 60 international service points and branches in Europe, USA, the Far East, Middle East, Africa and China. Imtech has a strong position in all maritime segments - including passenger ships, merchant vessels, luxury yachts, navy vessels (e.g. frigates and corvettes), oil and gas tankers, dredgers, crane ships and other work ships. More and more ships are being fitted with Imtech technology. For strategic reasons, Imtech wishes to strengthen its service network even further, in order to provide better service to existing customers and to attract new customers.
In South Africa, Imtech is active from Cape Town and Durban via its maritime business unit Radio Holland South Africa. The scale of the activities is limited and reinforcement is desirable, especially as it is Imtech's objective to be present at more port locations in this growth market. For this reason, Imtech has acquired Pertec, a brand-independent maritime services provider that has been in existence since 1963 and is active in various disciplines, including electrical engineering, navigation, communication, ICT (information and communication technology) and airtime. It employs over 80 people and achieves revenues of more than 9 million euro on an annual base. Pertec operates from Cape Town, Durban, Johannesburg, St. Helena Bay and Mossel Bay. It also has a network of service agents operating from various other maritime locations. The Imtech (Radio Holland South Africa) and Pertec branches in Cape Town and Durban will be integrated, leading to scale benefits. The acquisition makes Imtech the leading maritime services provider and maritime electronics distributor in South Africa, with a network based in all the major ports that covers the entire country. This provides an excellent basis for further growth. The acquisition price (including earn-out) is based on about five times the EBITA and will be paid in cash. The acquisition will contribute directly to the profit per share. The management of Pertec will stay with the company, so that continuity is guaranteed.
A large proportion of shipping traffic makes use of the Panama Canal, an 81-km waterway in Panama that joins the Atlantic Ocean and the Pacific Ocean. The canal is a major artery for intercontinental shipping as it means ships do not need travel round South America, which reduces their voyage time considerably. An Imtech service branch (Radio Holland Panama) is now established along this shipping artery, offering the full range of Imtech maritime services. This service branch is the result of an asset deal with a local company called Seatroniks (Sea Elektronik System Inc.), including several maritime service specialists, materials and a service ship, which sails up and down the Panama Canal to provide services to ships of customers. The new branch will be reinforced with service know-how, maintenance concepts and services from the existing Imtech organisation. This creates a healthy base for further growth.
In Norway, Imtech (Radio Holland Norway) has been active in Oslo since 1972. For strategic reasons, Imtech wishes to expand its activities in Scandinavia. A branch was therefore recently opened in Bergen, as the number of customers in this region (ship owners and offshore industry) has risen considerably, as well as the number of service requests. This healthy situation forms a good basis for further growth.