Survitec Group joins forces with Wilhelmsen Maritime Services

The deal will include Wilhelmsen Technical Solutions, WSS Technical Services and WSS Safety Products and the combined business will operate under the name Survitec Group.

Brian Stringer, CEO of Survitec Group, said: “This highly complementary merger will be a game changer in the safety and survival solutions sector. The unification of our two world class businesses will allow us to deliver an unrivalled in-house offering that covers the most comprehensive range of solutions in the highly regulated safety and survival industry.”

The deal will create significant value for our customers and shareholders while providing a platform for the combined group to pursue the addressable global markets worth over £1.5 billion annually. The addition of a highly skilled and experienced workforce that is well established and respected in the industry, further enables Survitec to deliver our customers and partners global reach with local touch”.

Dag Schjerven, President and CEO of Wilhelmsen Maritime Services, who will take a position on the Survitec Group Board of Directors, added:

“Upon completion of the merger, WMS will hold a 20% stake in Survitec, which will cement the long-term relationship between our two organizations and ensure Wilhelmsen’s continued and significant involvement in the future success of the combined group”. On completion of the merger, WMS will hold 20% of the combined group and have one representative on the board of directors.

The complementary range of products and services enables complete cradle-to-grave, new-build equipment supply and aftermarket safety solutions including amongst others fire safety, lifeboats, life rafts and evacuation systems. The unification will also offer a turnkey sales footprint for Survitec in key new build markets including China, Korea, Japan, Singapore and Brazil where Wilhelmsen is integral to the new build value chain.

The combined group will benefit from a huge in-house service and global distribution network, which will not only reduce costs for customers but also create significant value creation for all stakeholders.

In terms of the financial impact, the merger will create significant cost and revenue synergies based on the greater critical mass of the merged group.

The merger builds upon Survitec’s recent acquisition of Survival Craft Inspectorate and Survival Offshore Systems and is a further demonstration of the major consolidation in the safety and survival sector.

As a result of the merger Survitec will have a leading market position across a broader range of services and will have an excellent platform for future growth.

By Anne-Marie Causer