International shipbrokers IFCHOR and Galbraiths have agreed to merge and are in the final stages of completing a share for share agreement which is expected to close in the next few weeks.
The new entity will be headquartered in Switzerland and comprise of 20 offices with over 300 employees from many different backgrounds and nationalities, strengthening further their competitive and diversified broking services.
Joining forces will allow the two firms to add value to customers combining their passion and dynamism with their long-standing presence in shipping. The new entity will further invest in its core business as well as in digitalization and research whilst continuing to grow its global footprint to deliver a truly innovative brokerage and shipping advisory services platform.
IFCHOR co-CEOs Manu and Ghigo Ravano said: “Bringing IFCHOR and Galbraiths together makes for an exciting, innovative broking and advisory platform which is present in every shipping center. IFCHOR is renowned for its dry bulk and continental Europe presence and Galbraiths for a long history in tankers and S&P. Both businesses are highly complementary with very little overlap and share the same commitment to delivering unparalleled client service with utmost professionalism."
Galbraiths CEO Bjorn Andersen said: “Consolidation in shipping is the key to remaining competitive and the opportunity to combine forces with such a complementary partner in IFCHOR is extremely exciting. The new combined entity will build on Galbraiths’ 177 year heritage and IFCHOR’s impressive platform. We see the potential for a long-term future together and are excited by the prospect of building a privately held firm capable of competing with anyone in the market.”
IFCHOR and Galbraiths’ teams and clients are at the core of what makes their businesses successful. Their key people have played a crucial role in supporting this very important strategic step, and all are convinced by the added value this merger will bring.
Both companies come to the table in strong financial positions, with very similar corporate cultures and a set of complementary skills and offices.
IFCHOR and Galbraiths are committed to growing the merged group to maximise their client offering and will actively look to expand and enhance in areas such as gas, offshore, renewables and environmental transition services to keep a pace with the ever growing and increasingly more sophisticated needs of customers and the shipping industry as a whole.
