Eitzen Maritime Services Growth Through Strategic Moves

Eitzen Maritime Services has made significant strides in growth through strategic moves. The company's acquisition of several shipping companies has expanded its fleet and market presence.

This move has allowed Eitzen to tap into new markets and increase its revenue streams. The acquisition of these companies has also brought in new expertise and knowledge, which has been valuable in navigating the complex shipping industry.

Eitzen's focus on innovation has also played a key role in its growth. The company has invested in new technologies, such as digitalization and automation, to improve efficiency and reduce costs.

Eitzen Maritime Services made a significant acquisition in Spain and India for a total of 350 million kroner, which is expected to double the company's revenue.

The company purchased Provimar, a Spanish ship supplier and retailer, for an enterprise value of €31 million. Provimar had revenues of €100 million in 2006 and operates in 27 harbors with a focus on the Mediterranean.

Eitzen Maritime Services financed the acquisition with a new bank loan of 120 million kroner and is considering a share issue of 80 million kroner. The company's total financing needs for the acquisition are estimated at 200 million kroner.

Provimar's Managing Director, Juan Sunet, said the integration of Provimar into Eitzen Maritime Services will create a strong company with extraordinary growth potential worldwide. The integration is expected to be completed quickly, with Provimar's current managers remaining in their positions.

The acquisition is expected to increase sales at Eitzen Maritime Services' Ship Supply Division by an estimated +150%. The company's Ship Supply Division will now have a combined revenue of €150 million.

Eitzen Maritime Services has a strong presence in the shipping industry, with offices in Rotterdam, Singapore, Norway, Poland, and India. The company's acquisition of Provimar will expand its global reach and create a network of offices capable of servicing clients worldwide.

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