The purchase price will be paid entirely through the issue of new shares in OTI Greentech at an agreed valuation on EUR 1.50 per share. As a result, the Niego family, former indirect owners of USUS, will become a new significant shareholder in OTI Greentech.
USUS is a global platform supplying marine chemicals, fire & safety equipment and products including related services on a 24/7 basis. Founded in 1918, it serves over 230 shipping companies in over 900 ports worldwide. USUS has a large network of franchisees who offer products and services, including in Germany and Norway. The company offers over 40 marine chemicals for uses including tank cleaning and water treatment including the award winning ECOSOLUT products, part of OTI patented Cleantech solutions.
The acquisition by OTI Greentech is a logical next step since both companies have been successfully working together over the past 18 months in connection with the Uniservice Global joint venture between OTI Greentech and the Niego Family. As part of the transaction, OTI Greentech will also take 100% ownership of the Uniservice Global JV shares. Matteo Niego, member of the founding family and current CEO of USUS, has committed to remain with the company until at least 2019 as a director and CTO.
In addition to the potential for expansion of USUS’s business by becoming part of the larger OTI Greentech organization and the improvement of the overall profitability of the business, management strongly believes that access to USUS´s entire distribution network will result in increased sales of OTI Greentech´s ECOSOLUT Marine products, such as ECOSOLUT 14 and ECOSOLUT 24. ECOSOLUT products are currently being used as the premium solution in the shipping industry to clean zinc coated ship tanks from methanol, vegetable oil and other hydrocarbon based contamination with more efficiency and with less harm to the environment than alternative products used.
The acquisition is expected to complete in April 2016.
Johnny Christiansen, CEO of OTI Greentech and future CEO of Uniservice Global and USUS, comments: “We have been working closely with USUS for a long time and are impressed by the quality of service and products it provides to its customers. The acquisition of Uniservice Unisafe is a major milestone to grow OTI Greentech to become a leading provider of sustainable solutions in the Global Marine Market.”
Matteo Niego, commented: “We are pleased to join the OTI Greentech group and have a partner who will support expanding our family business which started in 1918. Combining our research capabilities, product development and distribution network will significantly enhance our product range and services offering innovative and more efficient solutions to our clients in the future.“