Braemar buys Hamburg financier

Braemar buys Hamburg financier

Braemar Shipping Services continues to diversify its business suite. Best known as a shipbroker, Braemar has today revealed it has secured the conditional acquisition of Naves Corporate Finance to create a new financial division within the group. The deal is costing Braemar an initial €24m, which could rise to €35m should earn-out payment terms and conditions be satisfied.

Hamburg-based Naves is led by Mark Kuchenbecker and Axel Siepmann and advises predominantly German clients on financing, restructuring and sale and purchase transactions.

James Kidwell, Braemar’s CEO, commented: “Naves not only introduces a new service offering for Braemar, enhancing our full service offer to our customers, but also widens our geographical footprint.”

While broking makes up more than 50% of profits at Braemar, the company is far more than just a brokerage house. Other services include port agency, engineering and loss adjusting.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Related Posts