Wibax reaches agreement to acquire Baltic Tank
Sweden-headed sustainable chemical and biofuels supplier group Wibax AB (Wibax) has announced that it has via its subsidiary Wibax Logistics Oy entered into an agreement to acquire Baltic Tank Oy (Baltic Tank), a leading Finnish company in the storage and handling of liquid chemical products and bio-oils with terminal tank farm assets in Finland and Estonia.
According to a statement, the agreement is to acquire 100 percent of the shares in Baltic Tank and thus take over the business in Turku, Finland, along with terminal assets along the Finnish coast and in Kunda, Estonia.
Together with Wibax, Baltic Tank can help its customers by offering a wider range of services throughout the Nordic region, said Tero Väyrynen, CEO of Baltic Tank.
The transaction is part of Wibax’s vision to build a leading chemical management group and strengthens Wibax’s unique position to offer services along the entire value chain in the Nordic region.
The planned 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 current and future customers. Baltic Tank is a family-owned company just like Wibax, with strong values that are in line with our own and we are now looking forward to welcoming them into the Wibax family, said Jonas Wiklund, CEO of Wibax.
Wibax currently has ten terminals and offices strategically located in different locations in Sweden, Finland, and Norway and, with the acquisition of Baltic Tank, will further expand its storage capacity with eight tank farm terminals in Finland and one in Estonia.
We feel confident leaving the company in the good hands of another family-owned company whose values closely match ours, said Antti Laaksonen, representative of the controlling owners of Baltic Tank.
The transaction is expected to be completed in September 2020 subject to customary closing and regulatory approvals. Capillar Advisory acted as financial advisor to Wibax together with EY as acting legal advisor and also conducted tax and financial review of Baltic Tank.