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Braemar Shipping Sells Incident Response Business
Friday 12 October 2018

12 October 2018 - UK-based shipping, marine, energy, offshore and insurance industries services provider Braemar Shipping Services plc (LSE: BMS) has completed the disposal of its incident response business, Braemar Response, to Brazil's Grupo Ambipar, the group said.

The sale is for a total consideration of GBP 774,000 (USD 1.024m).

The Response business was part of Braemar's Technical division and is an environmental consultancy, contracting and training service provider in the marine, oil and gas, road and rail industries.

As previously reported, a decision was made by the board of directors earlier this year to divest Braemar Response.

It contributed strongly during its time in the group, but it was felt that the business would benefit from scale and the prioritisation of capital requirements within Braemar led the board to believe that it would benefit from having an alternative owner.

The consideration for the disposal comprises an initial cash payment of GBP 400,000 with a further GBP 374,000 payable within twelve months of completion.

Braemar purchased the business in 2006 for GBP 900,000 since which time it has generated GBP 4.25m in dividend income.

During the year ended 28th February 2018 Braemar Response posted sales of GBP 3.896m and a loss before taxation of GBP 595,000.

Grupo Ambipar is a Brazilian environmental services group with over 3,000 employees.

Braemar Shipping Services plc is an international provider of knowledge and skill-based services to the shipping, marine, energy, offshore and insurance industries.

Founded in 1972, Braemar employs approximately 750 people, post this transaction, in more than 60 locations worldwide across its Shipbroking, Financial Technical and Logistics divisions.
Details
Date Published: 12/10/2018
Target: Braemar Response
Country: Brazil
Deal Size: 1.024m (USD)
Sector: Waste Management/Environment
Type: Divestment
Financing: Cash
Status: Closed
Vendor: Braemar Shipping Services
Buyer: Grupo Ambipar
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