All shipshape at tug boat operator as it joins maritime services group
International maritime services business, Boluda Towage, has acquired Hessle-headquartered SMS Towage Ltd.
The deal comprises taking over SMS’s harbour & offshore towage services and marine operations, together with its management, office staff, crew and fleet.
Operating in the UK since 1992, first as a ship management company and since 2002 as a towage operator, SMS operates from the Humber, Tees, Tyne, Portsmouth, South Wales, and Belfast with a fleet of 20 tugs.
The addition of SMS will strengthen the position of Boluda Towage, which already operates in the ports of Invergordon (Cromarty Firth), London, Liverpool, and Southampton.
The combined operation should enable the group to meet the rising demands of the maritime industry, in order to supply customers with a higher level of efficiency.
SMS will be part of Boluda Towage’s organisation in the United Kingdom, and the new brand name will be Boluda Towage SMS.
The local management team of Boluda Towage SMS will report to Philip Dulson, general manager of Boluda Towage in the UK.
SMS Towage owner Paul Escreet, said: “The decision for us to accept the opportunity to sell SMS Towage to Boluda Towage came at just the right time, as we embark on a new chapter of business growth and development.
“I want to express my heartfelt gratitude to the entire team for their unwavering dedication and hard work while working within SMS Towage.
“I am confident that under Boluda’s ownership, SMS Towage will continue to thrive.”
Vicente Boluda Fos, chairman at Boluda Corporación Marítima, said “To continue being leaders in the international maritime towing sector, our company needs to expand its scope of operations and we are proud that a professional company like SMS Towage wants to be part of our group.”
Vice president executive at Boluda Towage, Vicente Boluda Ceballos, added: “The strong local team, with highly engaged colleagues, will bring a lot of experience and expertise to our company.
“Having exciting times ahead of us we certainly intend to deploy SMS Towage’s professional crews and experienced employees on future projects.”
Escreet was advised on the sale by a multi-disciplinary team from Yorkshire law firm Andrew Jackson Solicitors LLP, led by corporate partner Martin Frost and including Nicole Waldron and Benn Shilleto.
Corporate finance advice was provided to Escreet by Mike Stocks, corporate finance partner at accountancy firm Smailes Goldie.
