Consolidaton in Iberia for the European towage services
Boluda Towage successfully closes the acquisition of Dutch company Kotug Smit Towage and breaks into Belgium, Netherlands, Germany and the United Kingdom
Boluda Towage, the towing division of Boluda Corporación Marítima, has successfully acquired Dutch company Kotug Smit Towage (KST). The agreement, with effect from 31 July, was signed on 24 July in Rotterdam by the Spanish multinational’s chairman Vicente Boluda and by representatives of Kotug Smit Towage. The 100% stock acquisition of Dutch company is valued at 300 million euro and has obtained the corresponding regulatory approvals in all countries.
The move, first announced in March 2019, allows the buyer consolidating its position as the leading European operator in the towing sector and further expand the Spanish company’s international maritime safety management services in the main ports of northern European countries like the Netherlands, Belgium, United Kingdom and Germany.
The purchase of this major towing company - following on from the latest acquisition in 2017 of German firm Urag - comes as part of Boluda Towage’s international expansion plan, a strategic goal put in motion in the 2000s to acquire companies operating in the Americas, France, the west coast of Africa and the Indian Ocean.
By acquiring the Dutch company Boluda Towage will add 67 tugs to its fleet to a total of some 300 units, operating in 90 ports in 15 countries of Europe, the west coast of Africa, America and the Indian Ocean, increasing its presence in major European ports such as Rotterdam, Terneuzen and Flushing (Netherlands); Liverpool, London Gateway and Southampton (United Kingdom), and Zeebrugge, Ghent and Antwerp (Belgium). In Hamburg and Bremerhaven Boluda Towage will strengthen its position in the towage sector in Germany, where it has been operating since 2017.
Kotug Smit Towage is a company with a collective history of 350 years’ experience and first registered as Towage Company Adriaan Kooren in 1934, arising from the merger of the European port activities of Kotug (part of Kotug International) and Smit (founded in 1842 and owned by Royal Boskalis) occurred in March 2016.