South Africa-based shipbuilder Nautic Africa has completed a buyout of fellow builder Veecraft Marine.
The takeover places Nautic Africa in a prominent position within Africa's work boat building industry, with both companies designing and constructing similar vessels predominantly for deployment in African waters.
"The acquisition of Veecraft consolidates manufacturing of commercial and naval vessels in Cape Town and South Africa with compounded gains for all stakeholders," commented Nautic Africa CEO James Fisher.
"A real deal sweetener is Veecraft Marine's confirmed forward order book in excess of R250 million (US$23.1 million), which accounts for the substantial consideration Nautic has paid for the shares."
Nautic Africa is 51 per cent owned by Paramount Industrial Holdings, itself a part of the Paramount Group.
