Wrist makes its largest acquisition
SHIPPING: Wrist Ship Supply acquires One Source North America, a ship supply group consisting of World Ship Supply, West Coast Ship Supply, East Coast Ship Supply and Karlo Corporation.
Wrist Ship Supply, one of the world's leading ship supply companies, and part of the Wrist Group, today announced the acquisition of One Source North America - the largest ship supply organization in North America.
The move represents the largest deal in the Wrist Group's corporate history, and provides the organisation with a major footprint into the US and Canadian markets.
The acquisition marks Wrist Ship Supply's fifth deal in the past 12 months, and continues Wrist Group's strategy of controlled global expansion. The Group now has a significant presence in all key global regions in Europe, The Far East, Middle East and the Americas.
OneSource has a turnover of USD 120 million and employs 259 people. As part of the acquisition, the previous owners of OneSource will remain on the management team and as shareholders in Wrist. Jubi Hillery, President, World Ship Supply will oversee the combined entity in North America, which will be headquartered in Houston, and David Cocklin, President & CEO of Karlo Group, and Charlie Michelson, President of West Coast Ship Supply, will also remain in senior management positions in the combined entity.
The deal provides Wrist with significant scale in the US and Canada, with a presence in 13 key locations and will enable the company to offer its customers real understanding and expertise of the local market.
Commenting on the acquisition, Jim Pedersen, chief executive, Wrist Group said:
"The combination of OneSource's local knowledge and understanding with Wrist Ship Supply's global network, purchasing power, and outsourcing capabilities is a compelling offering. Our focus is on business as usual, and maximising the strengths and expertise of both organizations."
Jubi Hillery, President, World Ship Supply, said:
"This deal will leverage OneSource's 40 years of customer relationship building with the operating efficiencies of the world's leading ship supply organization. As globalization has eliminated geographic boundaries, ship owners and operators are looking for worldwide consistency in quality, price and service. They demand 24/7 responsiveness and access to state-of-the-art technology that drives product control, cost effectiveness and efficiencies. Our relationship with Wrist Ship Supply facilitates this and provides us with the enviable position of being the only truly integrated global supplier in North America."
Pedersen continued:
"This is a significant deal for Wrist Group. Not only is it the largest in our history, it provides the organization with a major presence in all of the world's key regions. Despite the economic downturn, we have consistently looked for strategic opportunities that have enabled us to consolidate our presence in key regions or expand into new markets. As well as providing our customers with a truly global and holistic offering for ship services, we are now well positioned to capitalize on the opportunities that present themselves as the markets begin to recover."
Source: Wrist Group / maritimedanmark.dk
