The name of the new setup has not yet been revealed but it will be based in Lausanne, Switzerland, with 20 offices around the world and more than 300 employees. The merger will create a major new entity in the market, likely to rank in the top tier of global broking houses.
In a statement, the brokers said that they plan to expand in areas including gas, offshore, renewables and environmental transition services. Both companies are financially strong, with similar corporate cultures and a set of complementary skills and offices.
Bjorn Andersen, Galbraiths’ CEO, commented: “Consolidation in shipping is the key to remaining competitive and the opportunity to combine forces with such a complementary partner in IFCHOR is extremely exciting. The new combined entity will build on Galbraiths’ 177 year heritage and IFCHOR’s impressive platform. We see the potential for a long-term future together and are excited by the prospect of building a privately held firm capable of competing with anyone in the market.”
Ifchor co-CEOs, Manu and Ghigo Ravano, said: “Bringing IFCHOR and Galbraiths together makes for an exciting, innovative broking and advisory platform which is present in every shipping center. IFCHOR is renowned for its dry bulk and continental Europe presence and Galbraiths for a long history in tankers and S&P. Both businesses are highly complementary with very little overlap and share the same commitment to delivering unparalleled client service with utmost professionalism."
Further details of the transaction will be released in due course, the statement said.
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