Baltic buys PBI

Baltic Oil Terminals is to acquire the fuel oil storage business Petroval Bunker International for £6.9 million.


Baltic Oil Terminals is to acquire the fuel oil storage business Petroval Bunker International for £6.9 million.

AIM-quoted Baltic Oil Terminals has agreed to acquire the fuel oil storage business Petroval Bunker International (PBI) for $10.8 million (£6.9 million).

The acquisition is to be financed through a £4.1 million fundraising on AIM.

Following the deal, Baltic intends to establish a single management team for all of the group’s activities, while PBI’s general manager, Ben Haargort, will remain with the company to assist in developing Baltic’s operations.

Netherlands-based PBI operates two heated fuel oil tanks in Europoort Rotterdam, which it leases from the UK-based terminal operator, Vopak. In the year to October 2009, the company declared a pre-tax profit of around $3.5 million.

London-based Baltic operates crude oil and hydrocarbon terminals in Kaliningrad, a part of the former USSR. In 2009, the company declared a pre-tax profit of £2 million on a turnover of £8.4 million.

Nick Britton

Lexus Ernser

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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