GTT (Gaztransport & Technigaz), a French technology and engineering group specializing in membrane containment systems for the transport and storage of liquefied gases, has announced its acquisition of Danelec from the European investment fund Verdane, reports GTT.
Significant Step
The acquisition of Danelec by GTT for 194 million euros is a significant step in the growth of GTT’s Digital division. This acquisition expands GTT’s installed base to roughly 17,000 vessels and creates substantial synergy opportunities by combining the complementary offerings of Danelec, Ascenz Marorka, and VPS.
This transaction positions GTT as the global leader in the growing market of vessel performance management. Simultaneously, it secures a top-tier position for GTT in the crucial Voyage Data Recorders (VDRs) segment, with approximately 15% of the global fleet now equipped with their systems.
Established in 1995 and based in Farum, Denmark, Danelec is well-regarded for its technological solutions aimed at improving the safety, performance, and sustainability of maritime operations. Its systems are currently installed on over 15,500 vessels worldwide. The company employs 168 individuals and operates through a global network of over 700 technicians, ensuring local deployment and support on an international scale.
Substantial Growth
The company, Danelec, is currently experiencing substantial growth in its safety and performance software offerings. These digital solutions empower ship owners, charterers, and fleet managers to make informed, real-time decisions based on data, ultimately leading to safer and more efficient maritime operations.
In the fiscal year 2023/2024, Danelec reported a revenue of DKK 330 million, which is approximately equivalent to €44 million. Notably, around one-third of this revenue was generated through recurring subscriptions and services. The company also recorded a healthy adjusted EBITDA margin of 25%.
GTT anticipates that the acquisition of Danelec will positively contribute to the Group’s earnings per share starting from the first year following the acquisition.
Philippe Berterottière, Chairman and Chief Executive Officer of GTT, expressed his enthusiasm about the acquisition, stating, “We are delighted to welcome Danelec to the GTT Group. This acquisition fully aligns with our development strategy in the digital field and marks an important milestone for the Group. Danelec is a recognised player in the maritime digitalisation, with a strong reputation, a significant installed base, and high-quality management team.”
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Source: GTT
