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Imtech acquires majority interest in Tess USA (services for luxury yachts)


GOUDA 18/5 Pressrelease Imtech - Imtech N.V. (technical services provider in Europe) announces that it has acquired a majority interest of 51% in Tess Electrical Marine Inc. in Fort Lauderdale in Florida USA. The acquisition fits in with Imtech's strategy of further growth in the maintenance and services market for luxury yachts and megayachts and will make an immediate contribution to the earnings per share.

The market for luxury yachts and megayachts is primarily concentrated in the Mediterranean Sea region in the south of France (Côte d'Azur: around Monaco, Antibes, Nice and St. Tropez) and the Caribbean (in Florida, with Fort Lauderdale as its centre). Many owners of luxury yachts spend their summers in ports along the Côte d'Azur and their winters in the Caribbean. More and more of these luxury yachts are being equipped with Imtech technology. This makes it desirable to possess a service point on location from which maritime services can be provided. On the one hand, this facilitates maintenance, technological improvements, security and updates for IT systems and communication & navigation systems. On the other hand, these maritime services help strengthen the relationship with yacht owners and captains, with the prospect of more extensive replacement investments and complete refits (complete technological reconfigurations) in mind. Imtech already has a service point in Nice. The acquisition of Tess provides it with a second service point in the Caribbean. Imtech can now offer its services at both market concentration points.

Tess (revenues about 2 million euro per year, 15 maritime specialists) is a rapidly growing professional organisation (established in 1984) with an excellent reputation in sales and service with both customers and shipyards. For many years Imtech has already co-operated with the company, which offers maritime services in the top segment of the market. The acquisition of the majority interest not only provides Imtech with access to the market for luxury yachts in the USA, but also with the opportunity to market its own products (platform automation, digital shipboard bridges, communication and navigation equipment, switchgear, alarm & monitoring etc.) and to win orders for replacement investments or complete refits. The experience obtained in this field by the successful service point in France indicates that this approach yields positive results. The management of Tess will stay with the company, so that continuity is guaranteed.

Imtech also recently announced that the planned acquisition of Radio Holland Group is definitive, providing Imtech with an international service network and giving it a position in the top-5 of the global maritime market. This means Tess can also benefit from the wide range of products offered by Radio Holland Group.

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