Imtech Marine Gets New Owners
Dutch trading company Pon Holdings and private equity fund Parcom Capital have reached an agreement on the takeover of Imtech Marine as a whole, with the details of the takeover currently being worked out.
The two companies expressed their interest to take over Imtech Marine after its parent company – Royal Imtech – filed for protection from its creditors this week, unable to tackle the effects of accounting frauds at its German subsidiary which led to three years of losses and asset writedowns.
The initially granted suspension of payments was yesterday converted into bankruptcy at the District Court Rotterdam. In addition, Imtech Capital B.V., Imtech B.V. and Imtech Group B.V. were also declared bankrupt.
Royal Imtech said yesterday that its Marine and Nordic divisions were set outside of the group under the control of Imtech’s financiers with a view to a sale of those divisions or parts thereof.
It is noted that as Imtech’s divisions, including Marine and Nordic, have been pledged to Imtech’s financiers, the financiers are entitled to all proceeds of any sale or other transaction in relation to those companies. It is not envisaged that Royal Imtech and its shareholders will enjoy financial benefit from any such current or future transactions.
René ten Brinke, Director Global Services of Imtech Marine said: “We are extremely happy with Pon Holdings and Parcom Capital as the new ‘owners’ of Imtech Marine. Both are highly professional companies, with extensive experience in the maritime industry, it couldn’t have been a better scenario for us. This new ownership aligns perfectly with the positive developments that have already been set in motion within Imtech Marine and will also further strengthen and accelerate growth of our business.”
Imtech Marine, which employs nearly 2500 staff at almost 100 offices in 30 countries, will continue to operate independently.