PWC advises Targe Towing in Forth Ports acquisition

Forth Ports Limited has acquired the entire share capital of Targe Towing Limited for an undisclosed sum.

PWC advises Targe Towing in Forth Ports acquisition

Targe is a marine services business with an excellent reputation for servicing customers and safety in its operations led by an excellent management team.

Targe owns a fleet of nine vessels, including five tugs, which operate in waters throughout the East of Scotland, as well as managing a further three tugs which operate at the Hound Point marine terminal on the Firth of Forth. Forth Ports’ fleet numbers 10, including four tugs.

Targe has worked closely with Forth Ports’ towage subsidiary, Forth Estuary Towage, for a number of years and both companies believe the acquisition represents an opportunity to build on Targe’s reputation, to expand and take advantage of business opportunities in the towage and marine services area.

Targe’s day-to-day operations will remain the same, with both Tom Woolley, managing director and Nick Dorman, operations director, continuing to lead the business, and the Targe name will be retained.

Alasdair Smith, Forth Ports’ senior marine commercial manager, will join the Targe team in a senior position which will bring the combined commercial expertise of Forth Ports’ Group businesses to deliver on its growth ambitions.

The integration process and close collaboration between Forth Estuary Towage and Targe as part of Forth Ports will be led by Stuart Wallace, Forth Ports’ chief operating officer. The consideration for the acquisition is not being disclosed.

PwC’s corporate finance team acted as lead advisor to Targe Towing Ltd.

Jon Shelley, partner and head of corporate finance, Scotland, said: “PwC are delighted to have provided lead advisory services to Targe. The business and cultural fit between Targe and Forth Ports is very strong and I expect great future success for the combined business.”

Charles Hammond, group chief executive of Forth Ports, said: “This is an important strategic move, establishing a commercial marine services business of scale. I am confident that, as part of Forth Ports, Targe will develop and grow at an even faster pace.”

Tom Woolley, managing director of Targe Towing, added: “We have enjoyed a close working relationship with the Forth Ports team for years and it’s clear that there are opportunities that we can pursue together to further develop the business.”

Targe has received many awards for its work at the Hound Point marine terminal from BP and INEOS, both major customers of Forth Ports and Targe, and the company is recognised for providing a world class service in this operation.

Forth Ports and Targe have each made significant investments in their towage assets recently, with Forth Ports adding the Craigleith and the Inchcolm tugs to its fleet and the Kittiwake and Peterel joining Targe’s fleet.

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