COLOMBIA: SAAM acquires 70% of Intertug
This week the Colombian Superintendency of Transportation authorized the statutory reform for the merger by absorption of the companies International Tug S.A.S., Panamá Tugs S.A., Atlantic & Pacific Supply Services S.A. and Intertug Investments Holding S.A., which are part of the same business group and want to unify operations in Colombia.
At the beginning of 2020, Intertug signed an agreement for SAAM Towage to join the organization through the acquisition of up to 70% of its shares. The acquisition will take place through a combination of capital increase and share purchase.
International Tug S.A.S. (Intertug) was founded in 1993 as a tugboat service company in Colombian ports. In 2010 it expanded its activities to the offshore oil industry support vessel sector through its subsidiary Baru Offshore. Now, they operate in several countries in Latin America and the Caribbean with about 40 vessels, including tugboats and offshore equipment.
Intertug performs more than 18,000 tug operations a year, generating annual sales for services of about US $ 44 million.
On the other hand SAAM Towage has a modern fleet of more than 150 tugboats and is part of the multinational company of Chilean origin SAAM S.A. SAAM Towage is the largest tugboat operator in America and one of the leading globally, with a presence in Canada, Mexico, Guatemala, Costa Rica, Panama, Ecuador, Brazil, Chile and Uruguay.
Colombian Superintendency of Transportation said that with this decision it promotes the strengthening of the country’s maritime and port operations, through activities to support public ports and specialized terminals.
The general manager of SAAM, Macario Valdés said; “The partnership with Intertug allows us to enter Colombia, one of the fastest growing economies in Latin America, and strengthen our presence in Mexico and Central America”,
Additionally, the executive highlighted: “This transaction is consistent with our growth and internationalization strategy and is complemented by the acquisition of 100% of the operations in Canada, Mexico, Brazil and Panama and the recently announced entry into El Salvador. Thus, we will continue enhancing the service to our clients through the integration of the unique operational model and wide coverage of SAAM Towage with the recognized experience in the local market of our partners ”.
SAAM Towage continues to consolidate itself as the largest tugboat operator in America and one of the main globally; With this purchase, it will have a presence in 11 countries and a fleet of more than 170 tugboats.
This merger would be the second recent one between Colombian tugboat companies and other multinationals, as happened some years ago with Coltugs (Coremar), acquired by the Chilean company Ultratugs.