(ROTTERDAM, Netherlands) — The Vitol Group and Sargeant Marine, the world’s largest asphalt trading, storage and transportation business, have announced that Vitol will be acquiring a 50 percent interest in Sargeant Marine for an undisclosed sum.
Sargeant Marine comprises a global trading operation, which distributes asphalt to customers worldwide, and two strategically positioned terminals in Rotterdam, the Netherlands and Constantza, Romania.
On completion, it is anticipated that the new, combined business will trade circa 1.3 million metric tons of asphalt per annum, with hubs in Florida, London and Singapore, and operate a fleet of 13 specialist vessels — the world’s second-largest ISO asphalt container fleet. It will also benefit from access to Vitol’s asphalt production around the world.
Commenting on the transaction, Daniel Sargeant, chief executive officer of Sargeant Marine, said: “We are delighted to be joining forces with Vitol. Our new partnership will enable our customers to continue to benefit from our specialist expertise, with the additional backing of the world’s leading energy trader.”
Christopher Bake, a member of Vitol’s Executive Committee, said: “Sargeant is the clear leader in this field. Our team, led by Nick Fay, greatly looks forward to working together to build the business further, serving customers around the world.”
The law firm of Seward & Kissel LLP served as counsel to Sargeant. The Seward & Kissel team was led by partner Lawrence Rutkowski, counsel Nick Katsanos, and associates Daniel Avezbaki, Kurt Plankl and Kaitlyn Pasco.
The transaction is expected to complete in the first quarter of 2016. Until completion, day-to-day operations will remain unchanged.