Clarksons close to Genchem takeover
London-based shipbroker Clarksons said today it is holding “advanced discussions” about a possible takeover of Genchem Holdings Ltd.
Genchem provides shipbroking, port agency, warehousing and stevedoring services with U.K. operations in London, Ipswich, Great Yarmouth, Bristol, Liverpool and Southampton.
Clarksons bought another London-based shipbroker, J O Plowright (Holdings) Ltd., for '8.1 million ($15 million) in April.
“Following our acquisition of Plowright and the additional skill sets that they have brought to us, we recognize that this specialized sector sits comfortably in a transparent public company environment,” said Richard Fulford-Smith, Clarksons’ chief executive officer.
“Outsourcing business in the style of our specialized product team requires quality personnel and Genchem’s people fit the bill perfectly. Acquiring Genchem will also enhance our opportunities to add global growth to this specialized area of our business, including in our other key centers of Houston, Singapore and Dubai.”
“The services we provide offer considerable scope for growth, particularly when we join forces with Clarksons,” said Alex Geddes, Genchem’s managing director.
Clarksons anticipates the effective date of the acquisition to be July 1.