Braemar is paying EUR24m rising to a maximum of EUR35m for NAVES if certain earn out clauses are fulfilled. NAVES advises mainly German clients on financing, restructuring and sale and purchase transactions and Braemer sees the acquisition as part of diversifying its business.
The London-headquartered company said it sees continued growth opportunities for NAVES with drivers including continuing high global levels of distressed maritime debt, particularly held by German banks.
“We are delighted to announce this acquisition which is in line with our stated strategy of growing a diverse maritime business,” said James Kidwell, ceo of Braemar.
“NAVES not only introduces a new service offering for Braemar, enhancing our ‘full service’ offer to our customers, but also widens our geographical footprint.”