Libra Group’s UK-based Lomar Shipping acquires Carl Büttner Holding
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Lomar Shipping, a maritime subsidiary of Libra Group, has acquired the Bremen, Germany-based Carl Büttner Holding GmbH & Co. KG (CB), announced the company on Monday.
Lomar entered into preliminary discussions with CB in Q4 2021, and the final agreement between the groups was reached in early 2022. After obtaining final regulatory approvals, the transaction closed last week at an enterprise value of close to $160 million. Transport Capital provided advisory services and negotiated on behalf of the sellers.
Established in 1856, CB has been owned and managed by five generations of the Büttner family. Through this acquisition, CB will become a subsidiary of Lomar, the ship-owning and management group established in 1976 with a diversified fleet of container vessels, bulk carriers, and chemical/product tankers.
Lomar’s experience in maritime includes ownership, commercial management, and technical management working with many leading organizations around the world.
The ship-owning company is also itself a maritime subsidiary of the family-owned Libra Group, a global business group whose subsidiaries are predominately in six key sectors, including transportation, with assets and operations in nearly 60 countries.
Commenting on the deal, Nicholas Georgiou, CEO of Lomar Shipping, said:
“We are pleased to see the acquisition of Carl Büttner successfully completed and look forward to welcoming our new colleagues and their vast tanker management expertise as Lomar enhances its presence in the sector. Our organizations’ cultures share many fundamental similarities, from our long-standing family values to a commitment to developing future talent within the maritime industry. We have a deep understanding of the maritime history in Bremen and are committed to strengthening our presence in the area by welcoming CB into the Lomar family.”
George M. Logothetis, Executive Chairman of Libra Group added:
“This deal reflects the ethos and family values shared across our business group. We are pleased that as the Carl Büttner group joins Lomar, a proven maritime leader, it will also benefit from the strength of Libra Group’s network around the world.”