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.