Wibax has signed an agreement to acquire Baltic Tank, a leading Finnish company engaged in storing and handling of liquid chemical products and bio-oils
Wibax AB, through Wibax Logistics Oy (“Wibax”), has signed an agreement to acquire 100% of the shares in Baltic Tank Oy (“Baltic Tank”) and thereby takes over operations based in Turku, Finland and terminals along the Finnish coast as well as in Kunda, Estonia.
The transaction is part of Wibax’s vision to build a leading chemical supplier and logistics group and to strengthen Wibax’s unique position to offer services along the full value chain in the Nordic region.
Wibax currently operates ten terminals and offices strategically located in different locations across Sweden, Finland and Norway. With the acquisition of Baltic Tank, Wibax will further expand the storage capacity with eight terminals in Finland and one in Estonia.
“The 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 our current and future customers. Baltic Tank, just like Wibax, is a family owned business with strong values that is in line with our own and we are now looking forward to welcoming them into the Wibax family”, says Jonas Wiklund, Group CEO of WIBAX.
“Together with Wibax, Baltic Tank will be able to further support its customers by offering wider range of services throughout the Nordic region”, says Tero Väyrynen, CEO of Baltic Tank. “We feel very confident turning over the business to another family owned business whose values so closely match our own”, says Antti Laaksonen, representative of the controlling owners of Baltic Tank.
The transaction is expected to be completed in September 2020.
Capillar Advisory acted as financial advisor to Wibax together with EY acting as legal advisor, who also conducted a tax and financial review of Baltic Tank.
Wibax produces, modifies, and delivers chemicals and bio-oils with control over the full value chain from producer to end customer. The business consists of sales, imports, production, development, service & maintenance, storage and distribution of primarily liquid chemical products and bio-oils in bulk. The Group’s head office and production facility is located in Piteå. Terminals and offices are operational throughout Sweden, Finland, and Norway. The following companies are included in the Group: Wibax AB, Wibax Logistics, Wibax Industrial, Wibax Biofuels, Wibax Performance Chemicals, Wibax Oy, Wibax Logistics OY and Wibax AS.
About Baltic Tank
Baltic Tank provides logistics and storage services for chemicals, including caustic soda, oil products and biofuels. The Group includes Baltic Tank Oy, which is the operational business in Finland and Baltic Tank AS, which operates the Estonian terminal in Kunda. Baltic Tank is headquartered in Turku, Finland and is operational in ports across Finland and Estonia.