Port, logistics and towage group SAAM has completed its US$49.7M acquisition of 70% of Intertug, fulfilling part of its strategy to expand into new markets in Central and South America
This purchase sees SAAM Towage enter the Colombian market and strengthens its presence in Mexico and Central America.
SAAM Towage managing director Hernán Gómez previously told Riviera Maritime Media this acquisition would be a base for expansion in Central America and the Caribbean.
This investment strategy was confirmed by SAAM group chief executive Marcario Valdés. “With this deal, we improve our standing as the top tug operator in the Americas,” he said. “It is consistent with our strategy of being leaders in the consolidation process the industry is experiencing.”
Following the acquisition, SAAM Towage will commence the integration process and seek more growth opportunities.
“We will begin to capitalise on growth opportunities, implement our operational model and processes and take advantage of the synergies that we have with the 11 countries where SAAM Towage currently operates,” said Mr Valdés.
SAAM secured majority ownership of Intertug via a capital increase and share purchase. This acquisition was financed through a combination of debt and equity. The next step for SAAM is to provide Intertug with “an adequate capital structure to advance its growth and efficiency”.
This acquisition followed a merger of four companies in Colombia to create the larger Intertug group, operating 25 vessels, in 2020.
By October, International Tug had merged with Panamanian companies Panama Tugs, Atlantic & Pacific Supply Services and Intertug Investments Holding. This unified port services and operations in Colombia.
Intertug operates 25 vessels built from 2001 to 2015. They are used for harbour and ocean towing, ship mooring, escorting, pollution control and fire-fighting operations.
It also operates offshore support vessels for rig and platform supply and oil recovery activities in Colombia.
SAAM Towage has a fleet of more than 150 tugboats, present in more than 70 ports in Central and South America. These vessels perform more than 100,000 tasks a year.
This fleet will be increased as SAAM Towage is expanding in Ecuador with two more tugs to handle larger ships.
It welcomed the first of these two tugboats, SAAM Tarqui, on 26 January in the port of Guayaquil after its long voyage from Turkey. Another tug is scheduled to arrive from Mexico in Q2 2021.
SAAM Towage’s vessels support large container ships, roro ships, oil, chemicals and LNG tankers, as well as bulk carriers, reefers and general cargo ships.
Its vessels also support offshore exploration activities and the growing segment of gas import terminals.
Port and towage requirements will be discussed in depth during Riviera’s series of virtual conferences and webinars during 2021 - use this link to access more details and register for these events