Press Release | 19 September 2019
SVITZER AND CROWLEY SELL OFF ARDENT
AURELIUS Finance Company has provided financing to support the buy-out of Ardent, a global emergency management and offshore decommissioning company, from its co-owners Svitzer,and Crowley Holdings Inc.
COPENHAGEN, 19.09.2019 – AURELIUS Finance Company (“AURELIUS”), an alternative direct lender, has provided financing to support the buy-out of Ardent (“the Company”), a global emergency management and offshore decommissioning company, from its co-owners Svitzer, a leading global towage operator, and Crowley Holdings Inc., a holding company of international marine and logistics services provider Crowley Maritime Corporation.
The deal will see Ardent’s senior management team acquire a shareholding in the Company. The financial terms of the deal have not been disclosed and closing is subject to approval by the German anti-trust authorities.
Established in 2015 through the merger of Svitzer Salvage and Titan Salvage, Ardent was created to provide comprehensive emergency management solutions to the maritime industry, in focussing its offering on services such as salvage and wreck removal. The Company has established itself as a business independent of its shareholders and evolved and diversified its services to include offshore decommissioning of oil and gas platforms and facilities as well as subsea services. Its main operational hubs are in Houston (US), Ijmuiden (Netherlands), Singapore and Sydney (Australia) supported by additional global offices and equipment depots.
Following the deal, Ardent will have expanded financial resources to help develop its position at the forefront of both the emergency management and off-shore decommissioning industries whilst in addition expanding its offering of select sub-sea services. The Ardent growth potential is very significant.
Ardent’s CEO, Peter Pietka, will continue to lead the Company with the same team, assets and growth plan. The Company will also continue to cooperate with Svitzer and Crowley Maritime Corporation on unchanged terms.
Peter Pietka, CEO of Ardent, commented: “Over the past four years, Ardent has successfully evolved from a provider focused on emergency management to one that is also an established player in the fast growing off-shore decommissioning market. I am very proud of what the team has achieved and am pleased to continue on this exciting and promising journey in close collaboration with our customers and partners.”
Karun Dhir, Managing Director of AURELIUS Finance Company, commented: “We are delighted to partner with Peter and the rest of the management team to support Ardent as it continues to develop its offering in a growing and high-potential market.”
Knud Winkler, Global CFO of Svitzer, commented: “I believe that we have found the right partners for the next stage in Ardent’s development. Svitzer was founded in 1833 as a salvage company and as such, maintaining safety at sea is part of our DNA. Over the past 185 years, Svitzer has gradually expanded into the towage industry and today we are a world-leading marine services operator with towage at its core. To allow Ardent and Svitzer to continue growing within their respective business areas, we decided that this is the right time to restructure its ownership arrangements and we are very happy with the partnership between Ardent and Aurelius, which brings new significant firepower to the business. Svitzer looks forward to continue the close cooperation with Ardent.”
Dan Warner, Senior Vice President and Treasurer of Crowley Maritime, commented: “Not only does this transaction place Ardent in a good position for future growth and development, it also fits well with Crowley’s strategic growth plans as a global, singular provider of logistics services as well as superior marine and energy solutions. The deal will enable Crowley to continue its successful focus on services that add superior value for government and commercial customers, including non-asset-based solutions that complement our transportation services on land and sea.” Svitzer and Crowley were advised on the transaction by ING Bank N.V.
Notes to editors
Ardent is a globally leading provider of emergency management services (preparedness and response), offshore decommissioning, wreck removal and select sub-sea services. Ardent is focussed on both the marine and offshore energy industries. Ardent’s vision is to protect its customers and the environment through applied ingenuity. More detailed information about Ardent can be found at www.ardentglobal.com.
About AURELIUS Finance Company
AURELIUS Finance Company is an alternative direct lender, focused on providing financial solutions to small and mid-market firms across Europe. AURELIUS Finance Company’s approach and lending strategy means they are able to provide supportive and flexible capital across the whole capital structure, delivered by an experienced team of specialists. AURELIUS Group is a pan-European investment group with offices in Munich, London, Stockholm, Madrid and Amsterdam. Since it was founded in 2006, AURELIUS has grown from a local turnaround investor to an international multi-asset manager.
About Crowley Maritime Corporation
Jacksonville-based Crowley Holdings Inc., a holding company of the 127-year-old Crowley Maritime Corporation, is a privately held family- and employee-owned company that provides marine solutions, energy and logistics services in domestic and international markets. Crowley operates under four business units: Crowley Logistics, a singular ocean liner and logistics supply chain division; Crowley Shipping, which encompasses ownership, operations and management of conventional and dual fuel (LNG) vessels, including tankers, container ships, multipurpose, tugboats and barges; engineering; project management; and naval architecture through its subsidiary Jensen Maritime; Crowley Fuels, a fuel transportation, distribution and sales division that also provides liquefied natural gas (LNG) and related services; and Crowley Solutions, which focuses on government services and program management, government ship management, expeditionary logistics and government-oriented freight transportation services. Additional information about Crowley, its subsidiaries and business units may be found at www.crowley.com.
About Svitzer – Making marine operations safer and more efficient, every time, everywhere
Since 1833, Svitzer has provided safety and support at sea. With 4,000 employees, a fleet of more than 430 vessels and operations all over the world, we are the global market leader within towage and marine related services.
For further information, please contact:
Global Head of Communications, Svitzer A/S
T: + 45 41246066
Communication Manager, Ardent
Phone: +31 6 506 175 20