Boskalis Acquires Gardline
Royal Boskalis Westminster N.V., the Dutch services provider operating in the dredging, maritime infrastructure and maritime services sectors, said that they have acquired all shares of the Gardline Group as of today.
The UK based company’s main activities include marine geophysical surveys, offshore geotechnical services and environmental surveys.
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 GBP 40 million. The current annual revenue level is approximately 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,” Boskalis said in its release.
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 USA, Brazil and Singapore.