Fremman Capital (Fremman) is to acquire a majority stake in VPS, a Marin fuel testing, inspection, and certification (TIC) services provider. This intended acquisition fits within Fremman’s stated strategy of investing in ESG promoting businesses.
Founded in 1980 and headquartered in Rotterdam, VPS provides its services globally through five strategically located laboratories, with samples shipped and tested from anywhere in the world. The global marine fuel supply chain is complex, and international regulators are becoming more restrictive on emissions and fuels. Shipping companies are therefore increasingly focused on ensuring that the fuel they are using is within specifications and fit for purpose. VPS services the global fleet, providing accurate testing and advice to ensure compliant, safe and efficient voyages.
VPS has made two additional acquisitions in the last month. The first expands VPS’s presence in the power and renewables sector, and the second significantly bolsters VPS’s data offering – helping shipping companies track their carbon footprint. This, alongside the company’s existing data services, positions VPS at the forefront of the promotion and use of greener fuels. Combined with their marine and onshore Oil Condition Monitoring (OCM), the company has a broad offering for shipping companies looking to reduce their emissions and save costs.
Olivier de Vregille – Founding Partner at Fremman, says: “VPS fits perfectly with Fremman’s strategy to invest in strong leaders in long term growing industries. Fremman will support the management team in its plan to develop the activity and assist clients in minimising energy consumption and greenhouse gas emissions.”
Malcolm Cooper – CEO at VPS, says: “We’re really excited for the next step in our story at VPS and we see Fremman as a great partner for our business. From our first meeting with them, they got what we’re about, and we’re looking forward to working with them over the next few years to grow VPS to support more of our clients’ regulatory and ESG needs.”
Financial terms of the intended transaction were not disclosed. Debt financing will be provided by Bridgepoint Credit and OLB.
