Simpson Spence Young (SSY) has agreed terms to acquire Norway’s offshore broking specialist, Westshore. The move is part of the 143-year-old global shipbroking firm’s strategy to expand into the global offshore sector.
Westshore, based in Kristiansand, was set up in 1987 and has established a sound reputation in offshore broking and related services, including chartering, sale and purchase, and market intelligence. The firm will now become part of Simpson Spence Young AS.
SSY managing partner, Stanko Jekov, said: “This acquisition marks the first step in realising one of SSY’s key strategic objectives, to become a major global player in offshore. We have ambitious plans for this market and I’m confident we can add real value in this sector. Westshore have built an impressive business and reputation in the offshore industry and I’m excited that together we can continue to provide unrivalled, local expertise in one of the major offshore shipping hubs in Europe.”
Goran Rostad, Westshore’s managing director, commented: “This strategic move will enable Westshore to leverage on SSY’s worldwide network, considerable analytics resource and wide-ranging expertise in the shipping space. I’m delighted that through this acquisition, we will be able to offer new opportunities for both our team and clients and provide even greater levels of service under the umbrella of a major global brokerage.”
SSY to buy Westshore, targets offshore