Cory Brothers takes major share in Fred. Olsen
Braemar Shipping Services plc said its freight forwarding and logistics subsidiary Cory Brothers Shipping Agency had acquired 80 percent of the share capital of Fred. Olsen Freight Limited.
London-based Braemar is involved in shipbroking, logistics, technical services and environmental services.
Fred Olsen Freight provides a range of freight forwarding and liner agency services for a predominantly U.K. client base. It has 50 employees mainly based in Ipswich. The business will be brought together with Cory's logistics business which is based in Felixstowe and run by John van Bergen, Cory's director for freight forwarding and logistics.
The purchase price payable for the 80 percent interest is $2.6 million to be satisfied in cash from internal resources. The amount is adjustable depending on final results for 2007 and profitability during 2008.
This year, Fred Olsen Freight is expected to generate revenues of about $30 million.
'There is a natural fit with Fred Olsen's business which will increase the range of services we offer,' said Quentin Soanes, director of Braemar Shipping Services plc and chairman of Cory.