TTS Shipping, a Leicestershire-based timber transportation and logistics company established in 1988, has been sold to Navalis Group, a renowned family-owned German ship-owner.
The two firms have successfully traded together for over twenty years, both specialists in the forest product trade in the North and Baltic Sea, and the acquisition represents a vertical integration into the supply chain for the Navalis Group.
Dougie Bryce, director of TTS Shipping, said: “The acquisition by Navalis heralds the start of an exciting new chapter for TTS. The support of the Navalis management with their history of owning and operating specialised, ice-class, timber fitted vessels will take TTS’ long-established timber lines to another level and at the same time create a secure future for the business, our clients and our suppliers.”
Bryce will stay on as director of TTS for a limited time to enable a smooth transition period for the integration of TTS Shipping in the Navalis Group.
Law firm Geldards advised the shareholders of TTS Shipping Ltd, led by corporate partner Peter Seary with support from colleagues Caroline Findlay (Property) and Andrew Evans (Tax).
Peter Seary, corporate partner, Geldards, said: “We have worked with Dougie Bryce and TTS Shipping for a very long time and were delighted to advise them on this transaction. The meshing of the two companies’ specialist shipping expertise and knowledge promises a bright future for the shipping sector.”
Corporate finance advice for the sellers was given by Dean Curtis and Caroline Monk of Beever and Struthers in Manchester. Navalis was represented by Alex Kyriakoulis and Amy Gyngell of HFW solicitors.
