YILDIRIM Group Acquires SEALEASE S.A.
27 April 2011
YILDIRIM Group, a Turkish-based family owned conglomerate, announced the acquisition of 75,11% of the Belgian Company SEALEASE S.A., a leasing company providing unique financial solutions dedicated to the professionals of the marine industry. The other 24,89% stake remains in the hands of the management of the Company E-SEA SA.
For YILDIRIM, this acquisition is the second investment in the shipping and vessels operation business in Europe since November 2010, after the injection of US$ 500 million into the French container liner giant CMA-CGM, which provided them a 20% share in the company. For Sealease, the entry of the YILDIRIM Group will provide the company with substantial financial means to respond to the growing demand of leasing solutions and added-value services of the marine industry across the globe.
Founded in 2006 in Brussels by four experts in both the leasing and marine world, Sealease (www.sealease.com) has become a household name in this B2B segment. Offering a “Full Service Lease” product it encompasses the funding of the ships supported by a rift of tailored added-value services (flag registration, insurance, commissioning, maintenance, etc.) better known as “one-stop-shipping”.
The marine professionals appreciate this off-balance sheet product where for a monthly recurring fee they can operate their fleet during the length of the lease and focus on their dayto-day business.
To date Sealease operates in 3 main boat segments:
1. the touristic charter market and day-charter market (mainly sail boats),
2. the short sea passenger boat market (diesel, electrical or hybrid), and
3. the specialized utility boat market.
In each of these segments, Sealease is multi-branded and has contacts with all boat manufacturers which also allow providing advice regarding the optimum brand/model for its customers.
By the end of 2010, the worth of Sealease assets grew in excess of €11 million, owning 42 boats which are currently being operated in Europe, Asia, and Middle East under different flags.
The new board of directors is a unique blend of financial strength and market expertise; as majority shareholder YILDIRIM will have 3 seats (including Mr. Robert Yuksel YILDIRIM) whereas the Sealease day-to-day management will have 2 seats and votes to secure continuity.
The growth potential is significant with a plan to boost the assets in the next few years, both in the existing segments as well as in new product lines. The Sealease management proudly welcomes the acquisition since “it will be able to tap into YILDIRIM’s credit lines in addition to the existing bank relation and endorse the Sealease credo - We Sea No Limit.”
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