Lomar Shipping, a maritime subsidiary of Libra Group, has acquired the Bremen, Germany-based Carl Büttner Holding.
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The acquisition of the 166-year-old shipowner and manager — known for its technical management expertise and strong maritime legacy — is Lomar's most recent step to further diversify and grow its fleet.
After obtaining final regulatory approvals, the transaction closed at an enterprise value of close to $160 million.
Established in 1856, CB has been owned and managed by five generations of the Büttner family. Through this acquisition, CB will become a subsidiary of Lomar, a leading ship-owning and management group established in 1976 with a diversified fleet of container vessels, bulk carriers, and chemical/product tankers.
Lomar's extensive experience in maritime includes ownership, commercial management, and technical management working with many leading organizations around the world. Lomar is also itself a maritime subsidiary of the family-owned Libra Group, a global business group whose subsidiaries are predominately in six key sectors, including transportation, with assets and operations in nearly 60 countries.
"We are pleased to see the acquisition of Carl Büttner successfully completed and look forward to welcoming our new colleagues and their vast tanker management expertise as Lomar enhances its presence in the sector," said Nicholas Georgiou, CEO of Lomar Shipping.
"Our organizations' cultures share many fundamental similarities, from our long-standing family values to a commitment to developing future talent within the maritime industry. We have a deep understanding of the maritime history in Bremen and are committed to strengthening our presence in the area by welcoming CB into the Lomar family."
George M. Logothetis, Executive Chairman of Libra Group, said, "This deal reflects the ethos and family values shared across our business group. We are pleased that as the Carl Büttner group joins Lomar, a proven maritime leader, it will also benefit from the strength of Libra Group's network around the world." He continued, "This is an exciting time for Lomar, and we look forward to many innovative and future-thinking announcements to come." ■
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