Royal Boskalis Westminster NV has acquired all shares of the UK’s Gardline Group as of today (15 August) in a US$51 million deal, including debt.
Helios dredger. Image from Boskalis.
The UK-based company’s main activities include marine geophysical surveys, offshore geotechnical services and environmental surveys.
“With the acquisition Boskalis fulfils its strategic ambition to build a position in the offshore survey market and becomes a specialist provider of subsea geotechnical surveys with an exposure to the renewables market and the early cyclical oil and gas market,” says Boskalis.
Gardline operates 15 survey related vessels in addition to 25 smaller vessels including crew transfer vessels and survey catamarans.
The consideration paid including assumed debt amounts to approximately $51.4 million (GBP 40 million). The current annual revenue level is about $77-90 million (GBP 60-70 million). Based on the challenging near-term outlook Boskalis does not expect the transaction to be EBIT accretive within the next few years. This transaction however positions Boskalis well for when end-markets recover, the company says.
Gardline currently employs approximately 750 employees including a pool of 100 surveyors. The core geographical market is Northwest Europe, where Gardline is the main competitor of Fugro in marine surveys. With the acquisition Boskalis strengthens its position as marine services provider in Northwest Europe.
Gardline was established in 1969 and was a second-generation family-owned business. The company's principal offices are located in Great Yarmouth, UK with further activities in the US, Brazil and Singapore.