SAAM acquires 70% stake in Intertug

The acquisition, which is valued at $50 million, will be a combined capital increase and share purchase, and was made via Clear Ocean Investment and Bellomare Ventures, which are shareholders of Intertug.

SAAM is a Chilean-based multinational corporation providing services for international trade through its three business divisions of port terminals, towage and logistics, and is a leading operator of port and towage services in the Americas.

For its part, Intertug has more than 25 years’ experience providing harbor towage, offshore and special services in Colombia, Mexico and Central America. Its 25-vessel fleet logs more than 18,000 maneuvers a year, generating around $44 million in towage service revenue annually, according to the company.

“The partnership with Intertug allows us to enter Colombia, one of the fastest growing economies in Latin America, and to reinforce our presence in Mexico and Central America,” SAAM’s CEO, Macario Valdés, said in a company statement.

“This transaction is consistent with our growth and internationalization strategy and is complemented by the acquisition of 100% of the operations in Canada, Mexico, Brazil and Panama, and our recently announced entry into El Salvador,” he added.

“Therefore, we will continue to strengthen the service we provide our customers by integrating SAAM Towage’s single operating model and broad coverage with our partners’ recognized experience in the local market”.

SAAM Towage continues to consolidate its position as the largest tug operator in the Americas and one of the leading providers in the world, as this acquisition will expand its fleet to more than 170 tugs operating in 11 countries.

Clear Ocean Investment was counseled in Colombia by law firm Posse Herrera Ruiz, with a team led by partner Jaime Herrera, and who was assisted by attorney Catalina Noreña.

Law firm Gómez-Pinzón also acted as counsel to Clear Ocean on the transaction, with a team led by partners Natalia García and Andrés Hoyos, and who were assisted by lawyer Andrés Felipe Fonseca.

Bellomare was counseled by DLA Piper Martínez Beltrán, with a team led by partner Felipe Quintero.