Boluda expands with another acquisition

Les Abeilles owner Econocom Group has confirmed entering into exclusive negotiations with Boluda to sell 100% of its shares in the French towage operator.

Les Abeilles and Boluda Corporación Marítima have long histories dating back to 1864 and 1837 respectively, with Boluda’s towage division making recent acquisitions including Resolve Salvage and Fire (Gibraltar) Ltd and an agreement to acquire Smit Lamnalco.

This latest development, planned for completion in Q2 2024, will expand Boluda’s presence in France, including the operation of Abeilles’ fleet of Emergency Towing Vessels (ETVs) in operation with the French government.

Econocom describes itself as “Europe’s first digital general contractor”, acquiring Les Abeilles in 2020 before reclassifying it as an ‘asset held for sale’ in 2023. The usual procedures surrounding such acquisitions are now under way, including consultation with the bodies representing staff. The transaction also remains subject to the agreements being finalised and the condition precedents that usually apply to this type of transaction, including approval from the French authorities.

For Econocom the sale is part of its longer term strategy.

“We are delighted with this transaction with the Boluda Group, a global leader in towage,” said chairman and managing director Jean-Louis Bouchard. “Through this sale, Les Abeilles will enjoy support from a major player to develop in the future. The sale will take place as part of our plan to sell certain assets that are not strategic for our core business, which we announced in mid-November as part of our strategic plan for the 2024–2028 period.”

Les Abeilles has been keen to strengthen and develop its French maritime activities, including in 2022 introducing two new powerful additions to its fleet of ETVs, Abeille Normandie and Abeille Méditerranée, stationed in Boulogne to cover the Dover Strait and Toulon in the Mediterranean.

Boluda chairman Vicente Boluda Fos said: “Our group has been present in France since 2007 and is deeply rooted there. Our commitment to French employment and growth has always been a prominent characteristic of our identity.

“Boluda is a family group that is over a hundred years old. Today, the group has reached a key moment in its history by becoming an undisputed global leader in towage. The arrival of Les Abeilles, with its operational expertise, in our group is a new stage in this growth.”