(L-R) Sarah Lisgo and Marie-Louise Bozonet of Square One Law with Rachel Coundon and Dr Raouf Kattan of Safinah and Peter Wilhelmsen from TPO Group
Danish company TPO Holdings Danmark has acquired North East coatings specialist Safinah Ltd to support its international growth strategy.
The acquisition opens up access to larger markets for Safinah Ltd, which offers coating consultancy services to the marine, protective and yacht sectors.
The Gateshead-based firm, which was founded in 1998, works with a variety of clients ranging from paint companies, insurances firms and ship owners to shipbuilding and construction companies, manufacturers and oil and gas businesses.
The company’s existing management team, including founding shareholder and managing director Dr Raouf Kattan, and its 15-strong workforce will remain with the business and work closely with TPO Holdings Danmark to deliver its growth strategy.
Providing consultancy services, TPO Holdings Danmark has a client base which includes vessel operators and owners of offshore assets.
Dr Raouf Kattan said: “Becoming part of TPO Holdings Danmark will secure the future of the business and create opportunities by accessing new and complementary markets. The business has enjoyed steady, positive growth for twenty years, based on the expertise and coatings industry knowledge of our talented workforce who will become valuable additions to TPO Holdings Danmark’s operations.”
Peter Wilhelmsen Partner, from TPO Holdings Danmark, said: “We have been impressed with the market position Safinah Ltd has established in the coatings industry and we believe that its services will be of real value to our existing and future clients. The North East of England has a strong reputation for engineering and manufacturing, particularly in the marine industry and Safinah Ltd brings that expertise to our organisation.”
North East commercial law firm, Square One Law advised Safinah Ltd on the transaction, with financial advice being provided by Sterling Corporate Finance.
Marie-Louise Bozonet, Corporate Partner at Square One Law, said: “It was a pleasure to work with Raouf and his team. TPO Holdings Danmark and Safinah Ltd have a number of synergies and complement each other very well within the marketplace, and the sale will allow the business to continue to grow and expand as part of a larger, international group of companies.”
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