Sturrock Grindrod Maritime (SGM) has expanded its product offering with the acquisition of Novagroup, which is active in the marine and aviation rescue and survival equipment, container storage and warehousing markets.
“The intention is to strengthen our position in the niche marine technical market,” says Andrew Sturrock, CEO of SGM. “This acquisition will enable us to leverage off the respective sales and servicing agreements of both SGM and Nova and increase our product offering to the marine and shore-based industries we serve.”
SGM is a ships agency and provider of logistics and maritime technical services representing a range of blue-chip shipowners, operators and charterers.
A focused emerging markets expansion strategy has seen the company opening new branches (commercial and operational) in the Middle East and Southeast Asia, in addition to their established businesses in sub-Saharan Africa and Australia.
The transaction was subject to approval by the South African Competition Commission and was granted without conditions on 26 September.
