Acquiring the Norwegian bulk liquid transport and logistics service provider will allow HOYER to expand its petroleum solutions business in Northern Europe.
The Petrolog business unit of the HOYER Group has acquired a controlling interest in the Gran Taralrud organization.
According to a statement from HOYER, the Norwegian bulk liquid transport and logistics provider has total yearly revenues of 500 million Norwegian crowns (U.S. $66.4 million). Gran Taralrud, which specializes in the movement of petroleum products, has approximately 450 employees and operations in Sweden, Estonia, Latvia and Lithuania. Financial terms of the deal were not disclosed.
Both Petrolog and Gran Taralrud provide logistics solutions for global and regional manufacturers and wholesalers of hydrocarbon products. HOYER cited compatible business models, complimentary geographic coverage, and close cultural similarities between itself and Gran Taralrud as key factors in the acquisition, which will extend the Hamburg-based company’s presence in Northern Europe and the Baltic region.
Petrolog’s European operations will now serve eleven countries with a fleet of 920 specialist vehicles. HOYER estimates the acquisition will boost its revenues in Northern Europe and the Baltic region to 120 million euros (U.S. $134.67 million).
Torunn Aass Taralrud, owner of Gran Taralrud, will step down completely from company management and divest herself of all shares. Per Ole Gran will retain a minority stake in the company, which will take on the HOYER brand, and continue in his role as managing director along with his existing management team.
“Like HOYER, Gran Taralrud is a successful organisation with a strong management team and a track record of delivering safety and service excellence”, says Mark Binns, director of the Petrolog business unit at HOYER. “The transaction provides a strong platform to build on our success and further grow the business. I am delighted to be welcoming the whole Gran Taralrud team to the HOYER Group.”
The purchase comes shortly after HOYER announced record earnings for the 2014 fiscal year in the company’s annual report.
The company reported total revenues of 1.11 billion euros in 2014, a 1.8 percent increase from the previous year. Pre-tax profits at HOYER grew were up 8.4 percent year-over-year to 38.6 million euros.
HOYER said in the report it increased its workforce and fleet as well in 2014, with 5,098 people under employment, and around 34,000 tank containers, 3,000 road tankers, 24,000 intermediate bulk containers and 2,500 trucks in service.
“In 2014, despite difficult general conditions and global economic growth that fell short of expectations, we again maintained our market position as one of the world’s leading providers of logistics solutions for liquid products,” Advisory Board Chairman Thomas Hoyer said. “Although we expect to see an increase in economic growth in 2015, we are also anticipating a persistently high intensity of global competition. We nevertheless intend to carry on growing in 2015 thanks to the expansion of our international activities and further strategic collaborations.”
HOYER Group purchases Gran Taralrud
