July 13, 2020 [Tank News International] – Wibax AB, (through Wibax Logistics Oy), has signed an agreement to acquire 100% of the shares in Baltic Tank Oy and thereby takes over operations in Turku, Finland, and terminals along the Finnish coast as well as in Kunda, Estonia.
Wibax has signed an agreement to acquire Baltic Tank, a leading Finnish company engaged in the storing and handling of liquid chemical products and bio-oils. The transaction is part of Wibax’s vision to build a leading chemical supplier and logistics group and to strengthen Wibax’s unique position to offer services along the full value chain in the Nordic region.
Jonas Wiklund, Group CEO of Wibax, said: “The acquisition of Baltic Tank is a strategic investment in Wibax’s future growth outside Sweden’s borders. Baltic Tank’s extensive network of terminals along the Finnish and Baltic coasts will contribute to an expansion that will increase the geographical reach of Wibax’s service offering for our current and future customers.”
Wibax currently operates ten terminals and offices strategically located in different locations across Sweden, Finland and Norway. With the acquisition of Baltic Tank, Wibax will further expand the storage capacity with eight terminals in Finland and one in Estonia.
Wiklund added: “Baltic Tank, just like Wibax, is a family-owned business with strong values that is in line with our own and we are now looking forward to welcoming them into the Wibax family.”
Tero Väyrynen, CEO of Baltic Tank, said: “Together with Wibax, Baltic Tank will be able to further support its customers by offering wider range of services throughout the Nordic region. We feel very confident turning over the business to another family owned business whose values so closely match our own.”
The transaction is expected to be completed in September 2020. Capillar Advisory acted as financial advisor to Wibax together with EY acting as legal advisor, who also conducted a tax and financial review of Baltic Tank.
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