On Thursday, November 4th 2021, VTG Tanktainer GmbH (VTG) and Suttons International Limited (Suttons) announced that they have signed an Asset Purchase Agreement outlining the acquisition by Suttons of VTG’s overseas ISO tank containers, personnel, and customer contracts, including VTG interests in a joint venture with Mission Line in Brazil.
Suttons will take control of the acquired business in the coming months. In the interim period VTG will continue to manage the tank containers, personnel, and customer contracts.
In selling its overseas activities, VTG Aktiengesellschaft is strategically realigning its VTG Tanktainer business unit. In the future, VTG Tanktainer will focus on the global leasing of tank containers, flanked by integrated logistical services.
“This sale refocuses and aligns our asset business with the strategy of the whole VTG Group,” says Oksana Janssen, Chief Operating Officer Eurasia & Far East at VTG AG. “It also ensures the operating business meets our long-term profitability expectations both during and beyond the coronavirus crisis.”
John Sutton, Managing Director of Suttons International Limited & CEO of Suttons Group comments on the signing of the agreement: “This acquisition will strengthen our geographical scale and give us a strong presence in new markets to better serve our customers, as well as provide greater opportunities for all staff. It will firmly establish our business amongst the top 10 global tank container operators and will be integrated into our existing, robust management structure.”
CASE Corporate Finance together with ABN AMRO acted as sole financial advisor to VTG on the transaction.