Intermarine parent Maritime Holdings Delaware parent said in a press release that the joint venture will include the transfer of assets and operating entities from Zeaborn´s commercial activities as well as Zeaborn-owned Rickmers Line as well as its own unit Intermarine.
Investment amounts and shareholder structure were not disclosed but Intermarine said Zeaborn would be the majority partner and that both partners would also commit to pumping in new capital. The joint venture will have more than 75 vessels and this is expected to exceed 100 vessels by year-end. The execution of the transaction is subject to antitrust clearance.
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The Zeamarine management team will include Ulrich Ulrichs and Nicki Schumacher from Zeaborn; and Andre Grikitis, Frank Fischer and Michael Dumas from Intermarine. The agreement includes the consolidation of vessel fleets, staff, and the global network of customers and offices.
“Each respective entity brings unique value to the joint venture,” said Ove Meyer, Zeaborn managing partner. “Intermarine has a strong reputation out of the US into South America and is a leading project cargo player out of Asia; Zeaborn brings a strong presence in Europe and Asia.”
Houston-based Intermarine was founded in 1990 while Zeaborn has grown rapidly over the last five years by organic growth and tactical acquisitions of core companies in Europe and the Far East. Through the dedication of the Intermarine and Zeaborn employees, the companies have emerged into the top tier of MPP operators and will have the commitment of Zeaborn Group’s Kurt Zech and Intermarine’s private equity sponsor, New Mountain Capital, it noted.
"This combination of resources will build a platform for continued growth and development by combined activities in liner and global contract services across a broadband of customers and cargoes," said Andre Grikitis, president and ceo of Intermarine, LLC.
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