Aalborg headquartered shipping company Wrist Group, which is owned by Nordic equity fund Altor, plans further acquisitions, with the US being a particular focus area, reports financial daily newspaper Børsen. Wrist Group aims to reach an annual revenue of approximately DKK 80bn (USD 14.8bn), a two-fold increase on its current level.
Denis Viet-Jacobsen, partner and head of Altor in Denmark told Børsen: "We do not have an exact figure for how big Wrist Group should be, but we can easily see a two-fold increase of revenue before we sell the company. We are ready to support with funds for more acquisitions. The company generates annual revenues of around DKK 40bn (USD 7.4bn) and if we are to double that figure, it will not only happen through small acquisitions."
Wrist Group is however up for sale if a buyer offers the right price. "We would naturally like to sell if the right buyer comes along. Another opportunity is to find a partner with whom we can create the right size. In that case we are willing to decrease our share to 50%," Viet-Jacobsen comments.
Wrist Ship Supply, one of the group's two main business areas, recently acquired One Source North America, but further acquisitions are expected to be in the company's main area – bunkering. According to MD Jim Pedersen, the company is looking at the US for possible acquisitions.
"Our oil business is very well represented in Europe and Asia, but when we look at America, we are not well enough represented. We have not yet however been able to find the right target," says Pedersen.
Wrist Group might also build up a business in the US from scratch, a strategy which could take some years, but would be less expensive than an acquisition.