Dealmakers advise on double deal in chemical tanker sector

French shipping company Sogestran Group has acquired a majority stake in De Poli Tankers, a Dutch chemical tanker firm, which in turn has used the proceeds to snap up the European-based fleet of US-headquartered Team Tankers International. 

Through its acquisition, French family-owned company Sogestran has become a majority shareholder in De Poli Tankers, which was formerly controlled by the De Poli family. The Dutch firm has eight chemical tankers, while Le Havre-based Sogestran has 20 deepsea vessels, 160 vessels on European rivers and a sizeable bargeing and trucking division. 

As part of the deal, chief executive officer Chiara De Poli and the existing management team of the Dutch company will continue in their existing roles and lead the day-to-day operations. They were supported throughout the transaction by consultants from JBR, which advised De Poli Tankers on corporate finance advisory, M&A deal support and structuring plus landing a credit facility.

Crédit Agricole provided financial advisory support to De Poli Tankers, and at the other side of the table Paris-based Gottengreen acted as M&A advisor to Sogestran. 

In a second round of deal activity, De Poli Tankers immediately used its new funds to complete the acquisition of the European-based chemical tanker business from Team Tankers International. The bolt-on adds seven 8,000 dwt stainless-steel parcel tankers to its fleet, as well as the US company’s entire organisation in Marbella, Spain. De Poli Tankers will also commercially manage three chemical tankers for Team Tankers International for a limited period.

Stephens Europe and Socios Financieros (a member of Oaklins) acted as M&A advisors to Team Tankers International. 

“All parties are convinced that the fleets, the geographical trading areas and the type of trades are highly complementary and, as such, will provide valuable synergies and further improve service levels to all their existing clients,” said Sogestran and De Poli in a joint press statement.

The move signals a growing trend of consolidation in the chemical carrier sector. Earlier this month, Norwegian rival Odfjell launched a medium range chemical tanker pool with Navig8, and added seven Transportation Recovery Fund ships to bring its total to 19 vessels.

Meanwhile, per 1 January 2021 fellow Norwegian group Stolt-Nielsen will combine its parcel tanker fleet with German shipowner John T Essberger Group. The new company – E&S Tankers – will manage 48 ships ranging in size from 2,800 dwt to 11,300 dwt.