New transaction for Italian tugboat operators in Greece
The GMC joint-venture (RR, Neri, and recently Cafimar) acquired 80% of Zouros’ share capital, a company working in Piraeus and Thessaloniki
Following the negative outcome of the joint-venture announced in 2017 with Gigilinis – an operator working in the ports of Thessaloniki and Kavala - Rimorchiatori Riuniti and Neri are trying to get back to Greece, now with the support of Cafimar.
The group headed by Alessandro Russo, including also Rimorchiatori Laziali, recently entered the shareholders’ structure of GMC, the joint-venture incorporated a few year ago in Greece by RR (with Gesmar, which meanwhile was taken over by it) and Neri.
Said joint-venture provided tugboats to Gigilinis for the ports of Thessaloniki and Kavala and it was supposed to merge with its Greek colleague. But the merger did not occur and the joint-venture is still looking for a new partner.
GMC signed a letter of intent with Zouros – the Greek group providing towage services in the main Greek ports, i.e. Piraeus and Thessaloniki – to take over 80% of its capital.
According to a note of the three Italian operators, the transaction will involve also the joint-venture’s fleet, currently consisting of 4 azimuth tugboats, which will be added to the units managed by Zouros. The latter, besides keeping the remaining 20%, will be responsible for the operational deployment of units with GMC. During the transaction, the company was assisted by the law firm Watson, Farley & William, in particular by its Italian, British and Greek branches.
The GMC-Zouros transaction was concluded a few weeks after the entry of the La-Spezia operator Scafi in the Greek market through the acquisition of 50% of Vernicos Tugs, which is active in two main Greek ports, as well as in several minor ports, thus creating the joint-venture Vernicos Scafi.