Shipping firm GTT has acquired 75 per cent of the share capital of Singapore-based Ascenz from founders Chia Yoong Hui and Sia Teck Chong and from several investment funds. Financial terms of the deal were not disclosed.
Completion of the transaction, which is funded in cash, is subject to the satisfaction of conditions precedent and should occur in the near future. The two co-founders of Ascenz will retain 25 per cent of the share capital and continue to manage the company.
Founded in 2008, Ascenz is a provider of vessel performance solutions for shipowners and operators aimed at enhancing management and operational decisionmaking for their fleets. Headquartered in Singapore, it operates from six offices in Asia and two offices in Europe.
The firm had raised seed funding in 2012 from venture capital firm Red Dot Ventures, and secured a Series A round from Green Marine Capital in 2014.
GTT (Gaztransport & Technigaz) is an engineering company that designs and provides technologies which combine operational efficiency and safety, to equip LNG carriers, floating terminals, and multi-gas carriers. It is listed on Euronext Paris and is notably included in SBF 120 and MSCI Small Cap indices.
This transaction reinforces GTT’s service portfolio in the area of LNG shipping, the company said in a statement.
Philippe Berterottière, Chairman and CEO of GTT, said, “This is a particularly important new phase for us. The two companies’ complementarity will contribute to accelerating the Group’s development in services. With the rise of LNG as fuel, a market in which GTT intends to grow, the energy efficiency systems designed by Ascenz will enable us to provide ship-owners with even more compelling solutions.”