Andreas Sohmen-Pao’s BW Group is buying out fellow Singapore owner Epic Gas. BW has come to an agreement to acquire 54.7% of the shares of Epic, including the purchase of all of the shares held by certain affiliates of Jefferies Financial Group and DVB SIIM.
Epic Gas was founded by Chris Buttery after he sold Hong Kong bulker concern Pacific Basin. It was incorporated in Singapore as Epic Shipping in 2005 and became Epic Gas in 2012 when it merged with Pantheon. Today Epic controls a fleet of 39 small pressurised LPG vessels.
BW indicated that having acquired a majority 54.7% stake it was now pursuing an unconditional tender offer to acquire the remaining shares in Epic.
BW’s Sohmen-Pao said today, “BW Group is pleased to acquire this shareholding in Epic Gas with its strong operational platform and quality fleet. The transaction represents an opportunity to acquire a well-managed company, led by Charles Maltby, and we look forward to working together to achieve successful growth in the service of our customers”.
Maltby, chairman and CEO of Epic Gas, commented: “BW Group’s experience and track record as an industry leader in maritime transportation of energy aligns with Epic Gas’ vision of being the leading provider of pressurised LPG shipping solutions, and we are confident that BW Group will work alongside shareholders electing to remain to support the future growth of the business.”
Epic also announced today it has entered into a letter of intent to purchase two modern secondhand LPG carriers for which it might seek a share capital increase of up to $60m.
BW already has a very strong LPG division, featuring the largest fleet of VLGCs in the world. It has been eyeing other LPG fleets over the past couple of years, including a protracted failed bid for Dorian LPG.