Libra takes over Bremen shipping company Carl Büttner

UK-based Lomar Shipping, a maritime subsidiary of Libra Group, has acquired the Bremen, Germany-based Carl Büttner Holding GmbH & Co KG (CB). The acquisition of the 166-year-old shipowner and manager is Lomar’s most recent step to further diversify and grow its fleet.

Lomar entered preliminary discussions with Carl Büttner in the fourth quarter of 2021, and the final agreement between the groups was reached in May 2022. After obtaining all necessary regulatory approvals, the transaction closed at an enterprise value of close to USD 160 million. Transport Capital provided advisory services and negotiated on behalf of the sellers.

Established in 1856, CB has been owned and managed by five generations of the Büttner family. Through this acquisition, CB will become a subsidiary of Lomar, a leading ship-owning and management group established in 1976 with a diversified fleet of container vessels, bulk carriers, and chemical/product tankers. Lomar is also itself a maritime subsidiary of the family-owned Libra Group, a global business group whose subsidiaries are predominately in six key sectors, including transportation, with assets and operations in nearly 60 countries.

“We are pleased to see the acquisition of Carl Büttner successfully completed and look forward to welcoming our new colleagues and their vast tanker management expertise as Lomar enhances its presence in the sector,” said Nicholas Georgiou, CEO of Lomar Shipping. “Our organisations’ cultures share many fundamental similarities, from our long-standing family values to a commitment to developing future talent within the maritime industry. We have a deep understanding of the maritime history in Bremen and are committed to strengthening our presence in the area by welcoming CB into the Lomar family.”

In 2017, long-time managing director of the CB Group, Thorsten Mackenthun, launched the most extensive newbuilding programme in the company's history, which was successfully implemented with the delivery of four state-of-the-art ECO/fuel-efficient handy size chemical/oil-product tankers in 2019 and 2020, advancing the company despite the challenging market environment caused by the pandemic. He has decided to retire following the successful acquisition, noting that “after more than 42 years in shipping, this result is a wonderful conclusion, and it is time to pass the wheel into younger hands.” He continued, “CB has had a strong track record in shipping for 166 years, and this deal is a new chapter as part of a trusted company in the space.”