Boasso Global buys tank container cleaning arm of Den Hartogh
Boasso Global, an international tank container and depot service provider, has expanded its footprint in continental Europe with the acquisition of Netherlands-based Den Hartogh Cleaning. The move, which follows within a year of the firm’s acquisition of UK-based Isotank Group, adds facilities in three countries to its ranks.
Headquartered in New Orleans, Louisiana, Boasso is one of the globe’s larger tank container specialists. The firm, founded in 1985 in the US, operates with twelve locations in the United States, seven locations in the United Kingdom and locations in continental Europe.
Following Boasso’s decision in 2015 to join Quality Distribution, North America’s largest chemical bulk logistics provider, the firm crafted an ambitious growth plan, in part leveraging its financial backing from Apax Partners (the acquisition was supported by funds from the London-based private equity investment group). As part of the expansion drive, Boasso picked up UK’s Isotank Group in the summer of 2016, adding seven locations throughout the UK (the firm’s headquarter is based in Redcar) and 270 professionals to its headcount.
Boasso Global | Den Hartogh Cleaning
“We are excited by the opportunity to expand operationally into the UK and European markets,” said Tony Morsovillo, President of Boasso America, at the time. Ten months down the line Boasso has again put its money where its mouth is – yesterday the company confirmed it has closed the acquisition of Den Hartogh’s European depot and tank cleaning services business, known as Den Hartogh Cleaning. Headquartered in Rotterdam, Netherlands, Den Hartogh Cleaning is with facilities in the Netherlands (Rotterdam and Dordrecht), France (Amiens) and Spain (Barcelona) one of Europe’s larger players in the field. The company specialises in tank cleaning, repair and depot services for the chemical and food industries.
“We are pleased to add the Den Hartogh Cleaning business to Boasso Global’s expanding network of terminals in Europe,” comments Morsovillo. “This high quality, state-of-the-art tank cleaning, repair and depot services business, is a perfect fit with the culture of customer-centric excellence that Boasso is known for. In concert with Isotank, this deal provides the ideal international platform for the continued expansion of our global footprint to meet the needs of our customers and the growing ISO tank industry.”
How many people will transition as part of the deal has not been released by the firms. The integration roadmap will see Den Hartogh Cleaning transition to the Boasso Global brand.
Pieter Den Hartogh, Group Managing Director of Den Hartogh, says that the carve-out of Den Hartogh Cleaning is a move that provides both parties with an ideal solution. Under the new ownership, Den Hartogh Cleaning will be granted the opportunity to ramp its up its focus on cleaning and repair services and pursue accelerated growth. “We wish Boasso and the former employees of Den Hartogh Cleaning every success in this new endeavor,” he remarks.
For Den Hartogh, the move is aligned with its strategy to focus on its core business, which lies in bulk logistics services to organsiations in the chemical, gas, polymer and food industries. The company has over 1,500 people globally, active in 30+ different locations. The family-owned business, which itself has expanded rapidly over the past few years, including through the acquisition of UK listed Interbulk in 2015, today boasts an asset base of 19,111 tank containers, 6,700 containers, 400 tank trailers and 530 trucks.
Dealmakers
The transaction between the US and Netherlands-based companies was advised on by M&A experts of four professional services firms. EY provided buyer Quality Distribution with financial advisory support, while Houthoff Buruma, a Netherlands-based law firm, provided legal advisory. Seller Den Hartogh received financial expertise and transaction support from IMAP Netherlands, with Lexence granted the responsibility for the legal undertakings.
