Dubai headquartered international port driver DP World has actually gotten Topaz Energy as well as Marine Limited from Renaissance Services SAOG as well as Standard Chartered Private Equity/Affirma Capital in a bargain valued at $1,079 million.
Topaz, which is additionally Dubai based, is a leading overseas solutions as well as logistics gamer that sticks out from various other gamers in the overseas market by really earning money. It reported a 100% EBITDA boost of $33 million to $66 million in the initial quarter of this year.
DP globe keeps in mind that Topaz runs a modern-day, functional fleet of 117 vessels, mainly in the Caspian Sea, MENA, as well as West Africa areas as well as delights in a specifically solid setting in its core Caspian Sea market.
“Topaz’s enduring focus on securing long term strategic contracts has allowed it to outperform the market, and the company’s market-leading contract backlog of $1.6 billion as of 31 March 2019, far exceeds industry benchmarks, demonstrating the success of the company’s strategic approach,” states DP World, including that the procurement sustains its goal of boosting its existence in the international logistics as well as aquatic solutions market.
Sultan Ahmed Bin Sulayem, Group Chairman as well as CHIEF EXECUTIVE OFFICER, DP World, claimed: “We are pleased to announce the acquisition of Topaz, which further strengthens DP World’s position as a world-leading operator in maritime logistics services. In recent years, we have been investing selectively in the marine logistics sector in companies with high revenue visibility, consistent track record and strong customer relationships. This latest acquisition complements the operations of our P&O Maritime Services (POMS) business, which maintains over 300 vessels globally. Much like DP World, Topaz has evolved its business, offering customers a range of logistics solutions and helping the Company outperform the industry. We believe that this innovative approach, together with the increased scale, will allow the combined Topaz and P&O Maritime Services business to drive efficiencies and earnings growth. Furthermore, this new partnership opens the door for DP World to explore new business areas more extensively, for example, increasing transit volumes through Azerbaijan within the East-West trade corridor.”
