SARGEANT AND VITOL GROUP TO FORM A GLOBAL LEADER IN ASPHALT LOGISTICS AND TRADING
BOCA RATON, FLORIDA – (December 7, 2015) – Sargeant Marine (“Sargeant”), the world’s largest asphalt trading, storage and transportation business, and the Vitol Group (“Vitol”), today announced that Vitol will acquire a 50 percent interest in Sargeant Marine with a view to forming a global leader in asphalt logistics and trading.
After years of rapid growth, Sargeant concluded that combining our business with the world’s leading energy trader, Vitol, would be the best way of ensuring that we continued to offer a market leading service for many years to come. The new, combined business will build on the strength of the two groups.
Sargeant Marine’s global trading operation, which distributes asphalt to customers worldwide, includes two strategically positioned terminals in Rotterdam, Netherlands and Costanza, Romania. The combined joint venture will create a thirteen-strong fleet of specialized vessels ranging from 5K to over 40K metric ton capacity, as well as having the world’s second largest ISO asphalt container fleet. It will also leverage the global asphalt footprint of Vitol, including access to Vitol’s production and distribution systems.
On completion, the respective asphalt businesses will be integrated and will trade under the name of Global Asphalt Logistics and Trading (“GALT”). It is anticipated that GALT will trade over 1 million metric tons of asphalt per annum, with hubs in Florida, London, Switzerland and Singapore. Commenting on the transaction, Christopher Bake, a member of Vitol’s Executive Committee, said: “Sargeant is the clear leader in this field, we greatly look forward to working together to build the business further, serving customers around the world.”
Daniel Sargeant, Chief Executive Officer of Sargeant Marine said: “We are delighted to be joining forces with Vitol. Our new partnership will enable our customers to continue to benefit from our specialist expertise, with the additional backing of the world’s leading energy trader.”