Rimorchiatori Mediterranei acquires 100% of Keppel Smit Towage Private Limited and Maju Maritime Pte Ltd and enters the harbour towage market in Singapore and Malaysia
Rimorchiatori Mediterranei becomes the third-largest harbour towage operator, with a fleet of some 170 vessels operating in three continents (Europe, Asia and South America) and over 1,000 employees
Rimorchiatori Mediterranei SpA, a company held by Rimorchiatori Riuniti Group with a 65% stake and by DWS Infrastructure with the remaining 35% stake, has announced the acquisition from Smit Singapore Pte. Ltd. and KS Investments Pte. Ltd. of a 100% stake in Keppel Smit Towage Private Limited and Maju Maritime Pte Ltd, two of the largest providers of harbour towage services operating in Singapore and Malaysia.
The fleet of the companies acquired, which generate a total turnover of over 60 million Singapore dollars, is made up of around 60 technologically advanced tugs.
With the closing of the acquisition, signed in November 2021, Rimorchiatori Mediterranei Group becomes the world’s third-largest harbour towage operator, with a fleet of some 170 vessels operating in three continents (Europe, Asia and South America) and over 1,000 employees.
“The acquisition of Keppel Smit Towage and Maju Maritime”, said Matteo Coppari, Group CEO of Rimorchiatori Mediterranei, “has allowed our Group to further consolidate its international leadership position in the harbour towage sector, becoming one of the main operators also in South-East Asia, with some 60 units operating between Singapore and Malaysia”.
“This transaction”, continued Gregorio Gavarone, CEO of Rimorchiatori Riuniti Group, “is an essential step in the growth process of Rimorchiatori Mediterranei, which over the years has made numerous acquisitions in Italy, Greece, Malta, Colombia and Norway”.
Keppel Smit Towage and Maju Maritime will continue to operate in their respective markets, with unchanged governance and operating structure. For Rimorchiatori Mediterranei, this transaction will also contribute to further develop innovation and ESG (Environmental, Social and Governance) strategies, thanks to the strong know-how of the companies acquired.
Rimorchiatori Mediterranei was assisted in the Transaction by Rothschild & Co as financial advisor, and by the law firms Milbank LLP, Allen & Gledhill LLP, Rahmat Lim & Partners and LMCR.