The GAC Group has announced the acquisition of 100% of UK-based shipping and logistics group OBC in a move described by both parties as strategically astute.
The acquisition which came in to effect at the end of March 2008 will see OBC re-branded as GAC-OBC while continuing to handle vessels in ports throughout the UK, the Netherlands and the US Gulf Coast where OBC has branch offices.
“There is a strong strategic fit between GAC and OBC,” said Lars Heisselberg, group vice president, GAC Shipping.
“Besides giving us an important foothold in the port of Rotterdam and complementing our existing US operation, OBC is strong in North Sea oil and gas and this is a sector where GAC has long term development interests… we are also fortunate to have built a close relationship with OBC since 2005 when the company became part of our Global Agency Network,” he added.
Founder-owners Bill Brough and John Wignall will remain as non-executive directors of the GAC-OBC board. In a joint statement, they said: “We have successfully built this business together and now, at our age, the time is right to hand OBC on.”
“From OBC’s perspective the global reach of the GAC Group, its financial strength and its growth have made for an easy decision to agree to an acquisition,” they added
